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Northern Ireland: Devolution of corporation tax powers

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The Treasury is consulting on possible steps to accelerate the ‘rebalancing’ of the Northern Ireland economy through the tax system.

The main option is to allow Northern Ireland to vary corporation tax rates, the Treasury said, to enable it to attract and expand private investment.

‘This stage of consultation seeks views on the policy principles of devolving corporate tax rate setting powers to the Northern Ireland Executive, rather than on the details of the policy design,’ it said.

Other tax options discussed include changes to R&D tax credits, the annual investment allowance and NIC holiday arrangements.

Comments are invited by 24 June.