Section 357UO | Restriction on use of losses before completion period

(1)Section 1217SA of CTA 2009 (restriction on use of losses before completion period) has effect subject as follows.

(2)The reference in subsection (1) of that section to a loss made in the separate orchestral trade in an accounting period preceding the completion period is, if the company is a Northern Ireland company in that period, a reference to—

(a)any Northern Ireland losses of the trade of the period, or

(b)any mainstream losses of the trade of the period;

and references to losses in subsections (2) and (3) of that section are to be read accordingly.

(3)Subsection (4) applies if a Northern Ireland company has, in an accounting period preceding the completion period—

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

(b)both mainstream losses of the trade and Northern Ireland profits of the trade.

(4)The company may make a claim under section 37 (relief for trade losses against total profits) for relief for the losses mentioned in subsection (3)(a) or (b).

(5)But relief on such a claim is available only—

(a)in the case of a claim for relief for Northern Ireland losses, against mainstream profits of the trade of the same period;

(b)in the case of a claim for relief for mainstream losses, against Northern Ireland profits of the trade of the same period.

(6)In this section “the completion period” has the same meaning as in section 1217SA of CTA 2009 (see section 1217S(2) of that Act).