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Views are sought on corporation tax plans

By John Mulgrew

Published 04/10/2016

Grow NI’s Mervyn McCall
Grow NI’s Mervyn McCall

The Government is seeking the views of businesses and the public on corporation tax, after publishing draft guidance on devolving powers over the tax to the Northern Ireland Assembly.

Grow NI, an umbrella group which represents business organisations employing more than 200,000 people across Northern Ireland, has welcomed the publication by HMRC, about corporation tax being devolved to Northern Ireland.

The guidance provides for the devolution and reduction of Northern Ireland's rate to 12.5% in April 2018.

Grow NI's Mervyn McCall said: "While this is a technical piece of guidance, it is indicative of the work which continues behind the scenes on this benchmark legislative process."

The new guidance from HMRC says the Northern Ireland Assembly will have the power to "set the main rate of corporation tax in relation to a defined scope of trading profits".

"Most trading activity is included within the category of 'qualifying trades', but there are exclusions for the oil and gas ring fence trade, and also for most financial activities, including lending and investment, investment management and long-term insurance business," it says.

Belfast Telegraph

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