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Northern Ireland corporation tax devolution

The Government has now published the Bill providing for the devolution of tax powers that should allow Northern Ireland to set its own rate of corporation tax from April 2017.

The corporation tax rate could be a different rate from the rest of the UK over most trading profits but not non-trading profits such as income from property.  Power over the corporation tax base, including reliefs and allowances will, however, remain with the UK Parliament.

Progress of the Bill is dependent on the Executive Parties delivering on their commitments in the Stormont House Agreement, including legislation for changes to the welfare system, agreeing a credible 2015-16 budget, and taking the necessary steps to put the Executive’s finances on a stable long-term footing.

The Government aims for the Bill to reach its final stages in March and achieve Royal Assent before the General Election in May.

 

 

Date: 30th January, 2015
Author: Cathy Corns

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