Corporation Tax: Northern Ireland
The question
To ask the Chancellor of the Exchequer, what assessment she made of the potential merits of reducing Corporation Tax in Northern Ireland.
Answered by Dan Tomlinson
This is a matter for the NI Executive. The 2014 Stormont House Agreement between the UK Government and the Northern Ireland Executive agreed, in principle, for the power to set the rate of Corporation Tax in Northern Ireland on certain trading profits to be devolved to the Northern Ireland Assembly.
The Agreement set out that the Executive would need to formally request the power to change the Corporation Tax rate in Northern Ireland. The Executive would also need to demonstrate that its finances were on a sustainable footing, and that the Executive’s block grant would need to be adjusted to reflect the Corporation Tax revenues foregone if the devolved power were exercised.
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