Belfast Telegraph

Corporation Tax 'is not a done deal'

By Catherin Lynagh

Finance Minister Sammy Wilson has said the devolution of Corporation Tax powers to Northern Ireland is not a done deal.

Mr Wilson said the Assembly needs to further assess how much cutting the business tax would be worth to the Northern Ireland economy.

In addition, he said Assembly members need to look at how much the move would affect the province's block grant from Westminster.

A decision to devolve powers to vary the rate could be made as early as December, according to Enterprise Minister Arlene Foster.

Secretary of State Owen Paterson recently said a phased reduction in Northern Ireland's Corporation Tax would be "sensible".

Yesterday, North Down MP Lady Hermon became the most senior elected representative to oppose the devolution of corporation tax powers to Stormont.

Lady Hermon said she did not believe a lower corporation tax would bring more investment to Northern Ireland.

In support of her assertion she said that a lower rate on the tax had not spared the Republic from the global recession.

Belfast Telegraph

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