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Parliament consulting on NI Corporation Tax Bill

30 January 2015

Parliament consulting on NI Corporation Tax Bill - Read more

The UK Parliament is consulting on the Northern Ireland Corporation Tax Bill as part of its consideration in the House of Commons.

The House of Commons Public Bill Committee is considering this Bill and is asking for relevant parties and experts to submit their views in writing.

The Public Bill Committee will stop receiving written evidence at the end of the Committee stage on Thursday 12 February. The Committee is expected to meet for the first time on Tuesday 3 February.

The Committee has added that when it reports, the Public Bill Committee is no longer able to receive written evidence and it could report earlier than Thursday 12 February 2015.

The Bill would give the Northern Ireland Assembly the power to set the main rate of corporation tax in respect of certain trading profits.

The rate would apply to all of the trading profits of a company if that company was a micro, small or medium-sized enterprise, and the company’s employee time and costs fell largely in Northern Ireland.

The rate would also apply to the profits of large companies attributable to a Northern Ireland trading presence. Certain trades and activities would be excluded from the scope of the rate – such as lending and investing activities. Control over the corporation tax base, including reliefs and allowances, would remain with the UK Parliament.

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