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Corporation Tax (Northern Ireland) Act 2015

Section 5: Commencement

153.Section 5 relates to commencement.

154.Section 5 provides that new Part 8B of CTA 2010 and the amendments made by Schedules 1 and 2 have effect in accordance with this section. The regulation-making powers of the Treasury or the Commissioners in new Part 8B and in Part 3 of Schedule 1 to the Act have effect from Royal Assent.

155.The power of the Northern Ireland Assembly to set the Northern Ireland rate becomes exercisable for a financial year which is appointed by the Treasury by means of statutory instrument (that financial year being referred to as “the appointed financial year”). This power is then exercisable for subsequent financial years.

156.The remainder of new Part 8B has effect in relation to accounting periods beginning on or after the first day of the appointed financial year (that day being referred to as “the commencement day”). Provision is made for accounting periods which straddle this date.

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