London: +44 (0)20 7236 2601
St Albans: +44 (0)1727 869141
Rickmansworth: +44 (0) 1923 771010
Milton Keynes: +44 (0)1908 605552

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

SHARE THIS

Articles from this Author

Contact Business Service Partners

Choose from the drop down menu below to select a Partner to contact.

Tweet

We enjoyed tea and cake with Flo and presented a cheque to @willenhospice for proceeds of #timefortea pic.twitter.com/uDUvt3cOJw

Our latest edition of UK Inward Investment - what are the opportunities for you, is out now bit.ly/2xB0cun click to read more

Follow

LinkedIn

For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole

Click here to follow us on LinkedIn