The Corporation Tax (Northern Ireland) Bill had its second reading in the House of Commons on 27 January 2015 and has now been committed to a public bill committee. The Bill will devolve corporation tax powers to the assembly in Northern Ireland (NI). The assembly will have the power to set the corporation tax rate over most trading profits from April 2017, although non-trading profits, such as income from property, are outside the new regime.
The devolved corporation tax rate will apply to trading profits only and primarily to micro-, small or medium-sized enterprises, at least 75% of whose staff time and costs relate to work in Northern Ireland. It will apply to large companies and corporate partners to the extent that profits are attributable to a Northern Ireland trading presence. The intention is for the Bill to receive royal assent before the general election in May and for the new powers to take effect in April 2017.
The Corporation Tax (Northern Ireland) Bill had its second reading in the House of Commons on 27 January 2015 and has now been committed to a public bill committee. The Bill will devolve corporation tax powers to the assembly in Northern Ireland (NI). The assembly will have the power to set the corporation tax rate over most trading profits from April 2017, although non-trading profits, such as income from property, are outside the new regime.
The devolved corporation tax rate will apply to trading profits only and primarily to micro-, small or medium-sized enterprises, at least 75% of whose staff time and costs relate to work in Northern Ireland. It will apply to large companies and corporate partners to the extent that profits are attributable to a Northern Ireland trading presence. The intention is for the Bill to receive royal assent before the general election in May and for the new powers to take effect in April 2017.
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