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Part 8B of CTA 2010 (trading profits taxable at the Northern Ireland rate) is amended as follows.

In the italic heading before section 357JB for “section 37” substitute “Chapter 2 of Part 4”.

For sections 357JB to 357JE substitute—

“357JB Availability of relief

(1)     The references in section 37 and sections 45A to 45F (relief for trade losses) to a loss are, where a company carrying on a trade in an accounting period has Northern Ireland losses of the trade or mainstream losses of the trade, references to those Northern Ireland losses or mainstream losses.

(2)     If a company has a Northern Ireland loss and a mainstream loss in the same accounting period, sections 37 and 45A to 45F have effect in relation to each of those losses separately.

(3)     If by reason of this section a company is entitled under section 37(2), 45A(5), 45B(5) or 45F(2) to make a claim in relation to a Northern Ireland loss (or an amount of such a loss) and a claim in relation to a mainstream loss (or an amount of such a loss), the company may make—