Section 357OE | The Northern Ireland element of a realisation credit or debit ^F1

(1)This section has effect for the purposes of this Chapter.

(2)A realisation credit or realisation debit can have a “Northern Ireland element” only if—

(a)the intangible fixed asset to which it relates has been held by the company, in an accounting period in which it was a Northern Ireland company, wholly or partly for the purposes of a qualifying trade carried on by the company, except so far as the trade consists of an excluded activity, or

(b)in the case of a realisation credit, roll-over relief was previously given in respect of an asset which was so held.

(3)The “Northern Ireland element” of a realisation credit or realisation debit is determined in accordance with section 357OF or 357OG.

(4)“Roll-over relief” means relief under Chapter 7 of Part 8 of CTA 2009 (roll-over relief in case of realisation and reinvestment).