Section 357UP | Use of losses in the completion period

(1)Section 1217SB of CTA 2009 (use of losses in the 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 is, in relation to a loss made in a period in which the company is a Northern Ireland company, 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 (4) of that section are to be read accordingly.

(3)The references in subsection (3) of that section to a loss made in the separate orchestral trade in the completion period are, where the company is a Northern Ireland company in the period, references 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 subsection (4) of that section are to be read accordingly.

(4)Subsection (4) of that section has effect, in relation to Northern Ireland losses, as if the reference to an additional deduction under Chapter 3 of Part 15D of CTA 2009 included a reference to a Northern Ireland supplementary deduction under this Chapter.