Belfast Telegraph

Corporation tax - the long road: Years of political lobbying that looks set to finally pay off

By Adrian Rutherford

July 2007: The Assembly's enterprise, trade and investment committee formally calls for a reduction in the rate of corporation tax in Northern Ireland. In its submission to Sir David Varney, who is conducting a review of business tax policy here on behalf of Prime Minister Gordon Brown, it said a lower rate of the tax was key to creating a balanced economy.

July 2007: A petition of support for lower corporation tax is signed by 50 leading business figures.

December 2007: Sir David Varney's review concludes that there is no case for cutting the rate of corporation tax.

Sir David warns that such a move could be counter-productive for the UK as a whole.

June 2010: Chancellor George Osborne confirms that proposals for a separate rate of corporation tax in Northern Ireland remain on the coalition government's agenda.

February 2011: Secretary of State Owen Paterson pledges his support for a cut.

June 2011: Ahead of his visit to Northern Ireland, the Belfast Telegraph pens an open letter to Prime Minister David Cameron urging him to consider a cut in corporation tax. We present the letter to Mr Cameron at Stormont.

September 2011: Any future cut to corporation tax in Northern Ireland will have to wait for at least four years, Finance Minister Sammy Wilson warns.

June 2012: A meeting to hammer out a deal on devolving corporation tax powers ends without agreement. A decision was due from the government within weeks, but Treasury Minister David Gauke said "significant differences" remained.

March 2013: David Cameron says there will be no decision on devolving corporation tax until after the Scottish independence referendum in September 2014.

June 2013: In an interview with the Belfast Telegraph, David Cameron says he is committed to seriously considering a cut in corporation tax. "This is absolutely something that could happen," he said. "We've laid out the road map and we'll make a decision at the end of 2014."

June 2014: Former Finance Minister Sammy Wilson warns the Executive will be unable to afford the tax devolution unless agreement is reached on welfare reform.

Belfast Telegraph

Popular

From Belfast Telegraph