Section 357NF | Allowable deductions

(1)A deduction is allowed in calculating the profits attributable to the company's NIRE for any allowable expenses incurred for the purposes of the NIRE.

(2)Expenses incurred for the purposes of the NIRE include executive and general administrative expenses so incurred, whether in Northern Ireland or elsewhere.

(3)It does not matter whether the expenses are incurred by, or reimbursed by, the NIRE.

(4)The amount of expenses to be taken into account under subsection (1) is the actual cost to the company.

(5)“Allowable expenses”, means expenses of a kind in respect of which a deduction is allowed for corporation tax purposes or (in the case of a company that is not UK-resident) would be so allowed if incurred by a UK resident company.