Corporation Tax Act 2010 (c. 4)

[F1 PART 8B U.K. Trading profits taxable at the Northern Ireland rate

Textual Amendments

F1 Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1

CHAPTER 2 U.K. The Northern Ireland rate

357IA Power of Northern Ireland Assembly to set Northern Ireland rate U.K.

(1) The Northern Ireland Assembly (“the Assembly”) may by resolution set the Northern Ireland rate for one or more financial years specified in the resolution.

(2) The Assembly may by resolution cancel a resolution under subsection (1).

(3) A resolution under this section may not be passed by the Assembly except in pursuance of a recommendation which—

(a) is made by the [F2 Minister of Finance], and

(b) is signified to the Assembly by the Minister or on the Minister's behalf.

(4) A resolution under this section may not be passed by the Assembly without cross-community support.

(5) Section 63 of the Northern Ireland Act 1998 (financial acts of the Assembly) does not apply to a resolution under this section.

(6) This section authorises the setting of a nil rate.

(7) In this section “cross-community support” has the meaning given by section 4(5) of the Northern Ireland Act 1998.]

Textual Amendments

F2 Words in s. 357IA substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 26