TaxCorporate TaxUlster companies make corporation tax case to Westminster

Ulster companies make corporation tax case to Westminster

Northern Irish companies call on central government to devolve tax powers to Stormont

NORTHERN IRISH BUSINESSES are lobbying politicians in Westminster for a cut in the country’s corporation tax rate.

The Treasury is due to announce over the summer whether it will devolve the power to set corporation tax to Belfast.

Scotland received Royal assent for similar powers at the start of this month, with those powers set to come into force in 2016.

Ian Coulter, chairman of the Confederation of British Industry (CBI) in Northern Ireland, said geographical and economic factors meant that Northern Ireland required an “extra tool” to generate employment.

He told the Belfast Telegraph: “Now we need a decision, one which – if made this summer – could boost confidence and start attracting high-quality investment and jobs to the province.”

Secretary of state Owen Paterson said planning tax affairs was prominent in the thinking of potential investors, and as such the Republic of Ireland 12.5% rate is more attractive than the UK rate of 24% operating in Northern Ireland.

He said: “For me it is very important we have that unity and don’t underestimate that. I can walk into the Cabinet and say I have complete agreement across the political spectrum. That is really powerful.”

He also called on the Treasury to come to a decision shortly after the next meeting of the ministerial working group on 25 June.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

8m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

10m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

11m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

1y Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

1y Emma Smith, Managing Editor
HMRC nets £2.6bn in corporate tax from big businesses

Corporate Tax HMRC nets £2.6bn in corporate tax from big businesses

1y Accountancy Age editorial