AI Summary of 769I. Corporation tax referable to a specified trade.
This section outlines the framework for calculating qualifying profits related to specific qualifying assets within specified trades. Relevant companies may submit claims for qualifying assets within 24 months post-accounting period, ensuring a clear distinction of such activities from any other trades conducted by the company.
To determine taxable profits, overall income from qualifying assets is considered, with appropriate expenses apportioned fairly. Companies are allowed a 20% deduction on qualifying profits, recognised as a trading expense. The Revenue Commissioners may consult experts for clarifications on claims while ensuring companies are notified and afforded the opportunity to protect sensitive information.
769I. Corporation tax referable to a specified trade.
(1) For the purposes of this section qualifying profits, in relation to a qualifying asset, shall be the amount determined by the formula -
where -
QE is the qualifying expenditure on the qualifying asset,
UE is the uplift expenditure,
OE is the overall expenditure on the qualifying asset, and
QA is the profit of the specified trade relevant to the qualifying asset before taking account of any allowance available under subsection (5).
(a) Where qualifying profits in respect of a qualifying asset arise in the course of a specified trade, then a relevant company may make a claim in respect of that qualifying asset under this section, in the return required to be filed pursuant to section 959I.