Section 1: Trading Profits Taxable at the Northern Ireland Rate Chapter 10
66.Chapter 10 modifies the operation of Part 14 of CTA 2009 (remediation of contaminated or derelict land) in relation to expenditure incurred by a company in an accounting period in which it is a Northern Ireland company.
67.Part 14 of CTA 2009 provides for an additional deduction for qualifying land remediation expenditure. This deduction together with any tax deductible land remediation expenditure is deducted from the income arising from land remediation. Any resultant loss may be surrendered for a payable tax credit.
68.Chapter 10 of Part 8B provides that where some of the qualifying expenditure is Northern Ireland expenditure (as defined by new section 357Q(2)(a)), an adjusted percentage is used to calculate the amount of additional deduction for the purposes of Part 14 of CTA 2009. The adjusted percentage is set to give the same cash value of the relief the company would have received if none of the expenditure were Northern Ireland expenditure.
69.Chapter 10 of Part 8B also provides that the same amount of land remediation tax credit is payable under section 1154 of CTA 2009 and that any losses carried forward from after a claim for land remediation tax credits are reduced by the losses surrendered.