Section 357JB | Availability of relief ^F1F2

(1)The references in section 37 and sections 45A to 45F (relief for trade losses) to a loss are, where a company carrying on a trade in an accounting period has Northern Ireland losses of the trade or mainstream losses of the trade, references to those Northern Ireland losses or mainstream losses.^F1F2

(2)If a company has a Northern Ireland loss and a mainstream loss in the same accounting period, sections 37 and 45A to 45F have effect in relation to each of those losses separately.^F1F2

(3)If by reason of this section a company is entitled under section 37(2), 45A(5), 45B(5) or 45F(2) to make a claim in relation to a Northern Ireland loss (or an amount of such a loss) and a claim in relation to a mainstream loss (or an amount of such a loss), the company may make—^F1F2

(a)one of those claims only, or^F1F2

(b)both of those claims in either order.^F1F2

(4)Where—^F1F2

(a)relief is given under section 37, 45A, 45B or 45F for a Northern Ireland loss (or an amount of such a loss), and^F1F2

(b)the profits against which the relief is given includes some profits of the trade that are Northern Ireland profits and some that are not,^F1F2

the relief is given first, so far as possible, against the Northern Ireland profits.

(5)Where—^F1F2

(a)relief is given under section 37, 45, 45A, 45B or 45F for a loss (or an amount of a loss) that is not a Northern Ireland loss, and^F1F2

(b)the profits against which the relief is given include some profits of the trade that are Northern Ireland profits and some that are not,^F1F2

the relief is given first, so far as possible, against the profits that are not Northern Ireland profits.