Section 1: Trading Profits Taxable at the Northern Ireland Rate Chapter 17
103.Chapter 17 specifies the trades and activities which are excluded trades and activities. An excluded trade is a trade which includes certain kinds of lending, investment and investment management, the long term business of insurance companies, re-insurance trade or an oil and gas “ring fence trade”. An excluded activity is an activity of effecting or carrying out re-insurance contracts, or an activity carried on in connection with exploration or exploitation activity or in connection with exploration or exploitation rights in the UK sector of the continental shelf.
104.Section 357XH provides for a power for the Treasury to amend, by regulations, the definitions of excluded trades and excluded activities.
105.Section 357XI provides a power for Treasury to specify, by regulations, the activities that are, or are not, back-office activities, or to specify circumstances in which activities are, or are not, to be regarded as back-office activities.
106.Such regulations may make different provision for different purposes and make incidental, supplemental, consequential and transitional provision and savings.