The HMRC has released a 120 pages draft guidance on the operation of Northern Ireland’s corporation tax regime and invites interested parties for comments. The guidance covers calculations of 'profits or losses', corporate tax rate of 12.5 percent, rules on intangible fixed assets, R&D relief, creative industries reliefs and a new “patent box” legislation.
Under the new Northern Ireland’s corporation tax regime, the Northern Ireland Assembly will have the power to set the Northern Ireland rate of Corporate tax in relation to ‘Northern Ireland profits or losses’ (as distinct from ‘mainstream profits or losses’). The guidance further describes the special rules which apply to Northern Ireland losses of various kinds and elaborates on how these profits and losses are calculated for large companies and SMEs.
The Northern Ireland has committed to setting a corporate tax rate of 12.5 percent, the same as that of the Republic of Ireland. This would take effect in April 2018, assuming that the UK government is satisfied that Northern Ireland’s finances are on a ‘sustainable footing’.
The consultation on the draft will run until January 1, 2017.
The guidance is structured in eleven main parts:
Our digital platform enhances your tp experience and is ready to let you discover new and related content.
It provides a range of social features:
- Links to Social media (LinkedIn, Twitter, Facebook, YouTube and Xing)
- Sharing our news by monthly Newsletter(s)
- Discuss key issues with our TPA Global team members via blogs and social media
Copyright © 2017
Transfer Pricing Associates BV.
All rights reserved.