Section 357TC | Northern Ireland supplementary deduction: amount ^F1

From legislation.gov.uk

26 March 2015

(1)This section contains provision for the purposes of section 357TB(2) about the amount of the Northern Ireland supplementary deduction.^F1

(2)If the accounting period falls within only one financial year, the amount of the Northern Ireland supplementary deduction is—^F1

Formula

(A - B) \times \frac{MR - NIR}{NIR}

where—

A is the amount of the Northern Ireland additional deduction brought into account in the accounting period;

B is the amount of Northern Ireland losses surrendered in any claim under section 1217CH of CTA 2009 for the accounting period;

MR is the main rate for the financial year;

NIR is the Northern Ireland rate for the financial year.

(3)If the accounting period falls within more than one financial year, the amount of the Northern Ireland supplementary deduction is determined by taking the following steps.^F1

Step 1 Calculate, for each financial year, the amount that would be the Northern Ireland supplementary deduction for the accounting period if it fell within only that financial year (see subsection (2)).

Step 2 Multiply each amount calculated under step 1 by the proportion of the accounting period that falls within the financial year for which it is calculated.

Step 3 Add together each amount found under step 2.