No NI corporation tax cut this term

Finance Minister Sammy Wilson has announced that there will be no reduction in the Northern Ireland rate of corporation tax during the current assembly term, saying that there was as yet no provision in place to grant the power to the Assembly to alter the tax.

The calls for a cut in corporation tax have become increasingly louder over the past year, though the debate still continues over whether a cut in the rate of tax will generate enough new investment to counteract the loss of approximately £400-500million from the Westminster annual block grant.

It is perhaps no real surprise that a tax cut will not happen in the current assembly term, as the there is still a significant process to be run in order for the Treasury to grant Stormont the power to alter the tax, and to calculate how much exactly will be reduced from the Northern Ireland budget as a result.

Many businesses in Northern Ireland remain convinced that a tax cut is required in order to provide an even playing field to compete with companies just a short distance across the border in the Republic of Ireland.

If you own or run a business in Northern Ireland and require legal advice in respect of a matter of commercial law, including matters of employment and the purchase or leasing of commercial property, contact Wilson Nesbitt solicitors in Belfast by email at .

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