Section 357RB | Northern Ireland supplementary deduction

(1)This section applies where—

(a)a company is entitled under section 1199 of CTA 2009 to an additional deduction in calculating the profit or loss of the separate film trade in an accounting period,

(b)the company is a Northern Ireland company in the period,

(c)the additional deduction is wholly or partly a Northern Ireland additional deduction, and

(d)any of the following conditions is met—

(i)the company does not have a surrenderable loss in the accounting period;

(ii)the company has a surrenderable loss in the accounting period, but does not make a claim under section 1201 of CTA 2009 (film tax credit claimable if company has surrenderable loss) for the period;

(iii)the company has a surrenderable loss in the accounting period and makes a claim under that section for the period, but the amount of Northern Ireland losses surrendered on the claim is less than the Northern Ireland additional deduction.

(2)The company is entitled to make another deduction (“a Northern Ireland supplementary deduction”) in respect of qualifying expenditure.

(3)See section 357RC for provision about the amount of the Northern Ireland supplementary deduction.

(4)The Northern Ireland supplementary deduction—

(a)is made in calculating the profit or loss of the separate film trade, and

(b)forms part of the Northern Ireland profits or Northern Ireland losses of the separate film trade.

(5)In this section “surrenderable loss” has the meaning given by section 1201 of CTA 2009.