Section 357M | Introductory ^F1

(1)This Chapter applies to a company that is a Northern Ireland company in an accounting period by virtue of the SME (Northern Ireland employer) condition in section 357KA.^F2

(2)In this Chapter—

(a)a reference to “the company” or “the accounting period” is to the company or accounting period mentioned in subsection (1);

(b)a reference to “the trade” is to any qualifying trade carried on by the company in the period.

(3)Section 357MA contains provision under which profits or losses of the trade for the accounting period are—

(a)Northern Ireland profits or losses of the trade,

(b)mainstream profits or losses of the trade, or

(c)a combination of—

(i)profits or losses within paragraph (a), and

(ii)profits or losses within paragraph (b).

(4)Further provision under which profits or losses of the trade may be Northern Ireland profits or losses of the trade, or mainstream profits or losses of the trade, is contained in—

(a)Chapters 8 to 15 of this Part, and

(b)CAA 2001 (see section 6E of that Act).

(5)This Chapter has effect for the purposes of this Part.