Section 357WE | Sections 357WC and 357WD: interpretation

(1)Section 357MA (profits or losses of trade that are Northern Ireland profits or losses etc: SMEs) as applied by section 357WC(4), and the other provisions of Chapter 6 so far as they apply for the purposes of section 357MA as so applied, have effect as if—

(a)references to the qualifying trade were to the firm's trade;

(b)references to the company were to the firm;

(c)references to the accounting period were to the firm's accounting period;

(d)the reference in section 357MA(1) to a qualifying trade by virtue of section 357KB(1) were to a qualifying partnership trade by virtue of section 357WB(1);

(e)the reference in section 357MA(3) to a qualifying trade by virtue of section 357KB(2) were to a qualifying partnership trade by virtue of section 357WB(2).

(2)Repealed

(3)Section 357NA (profits or losses of trade that are Northern Ireland profits or losses etc: large companies) as applied by section 357WD(4), and the other provisions of Chapter 7 so far as they apply for the purposes of section 357NA as so applied, have effect as if—

(a)references to the qualifying trade were to the firm's trade;

(b)references to the company were to the firm;

(c)references to the accounting period were to the firm's accounting period;

(d)in section 357NA(1) the reference to a qualifying trade by virtue of section 357KB(1) were to a qualifying partnership trade by virtue of section 357WB(1),

(e)in section 357NA(3) the reference to a qualifying trade by virtue of section 357KB(2) were to a qualifying partnership trade by virtue of section 357WB(2);

(f)in section 357NF(5), the reference to a UK resident company were to a UK resident firm.