Section 357UO | Restriction on use of losses before completion period ^F1F2

(1)Section 1217SA of CTA 2009 (restriction on use of losses before completion period) has effect subject as follows.^F1F2

(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—^F1F2F3

(a)any Northern Ireland losses of the trade of the period, or^F1F2

(b)any mainstream losses of the trade of the period;^F1F2

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—^F1F2

(a)both Northern Ireland losses of the trade and mainstream profits of the trade, or^F1F2

(b)both mainstream losses of the trade and Northern Ireland profits of the trade.^F1F2

(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).^F1F2

(5)But relief on such a claim is available only—^F1F2

(a)in the case of a claim for relief for Northern Ireland losses, against mainstream profits of the trade of the same period;^F1F2

(b)in the case of a claim for relief for mainstream losses, against Northern Ireland profits of the trade of the same period.^F1F2

(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).^F1F2