As part of the Stormont Agreement and Implementation Plan published in November 2015, the Northern Ireland Executive (NIE) confirmed its commitment to introduce a corporation tax rate of 12.5% to Northern Ireland from April 2018. A memorandum of understanding has since been signed by both HMRC and the NIEs Department of Finance and Personnel, setting out arrangements for implementing the new corporation tax rate.
The devolution of corporation tax powers is contingent on the NIE demonstrating that its finances are on a substantial footing. The UK Government has also committed to undertaking an ex-post review of the costs of the devolution four years after the implementation of the new rate.
With the UK potentially exiting from the EU this could have significant effects on Foreign Direct Investment in the Republic of Ireland or Northern Ireland.
Contact Brian Dignam Director OSK for further details on the new 12.5% rate or in relation to audit and accounting services or call 01 439 4200.
A video message from Tadgh O'Sullivan, Director.
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