Corporation Tax (Northern Ireland) Act 2015 Explanatory Notes

Overview of the Structure of the Act

8.The Act has six sections and two Schedules. Section 1 inserts a new Part 8B into CTA 2010. It provides for the application of the Northern Ireland rate to specified trading profits and adapts the rules in a number of areas of the corporation tax regime primarily dealing with reliefs to allow for the existence of different rates of corporation tax.

9.Section 2 introduces the amendments to CAA 2001 in connection with Part 8B of CTA 2010 that are contained in Schedule 1. Section 3 refers to other amendments in connection with Part 8B of CTA 2010 as set out in Schedule 2. Section 4 sets out the power to make further consequential provision. Section 5 deals with the commencement of the Act. Section 6 provides for the short title of the Act and interpretation.

10.Schedule 1 sets out the amendments to CAA 2001 connected with the new Northern Ireland rate. Schedule 2 contains amendments of the Corporation Tax Act 2009 (CTA 2009) and the Taxation (International and Other Provisions) Act 2010 (TIOPA 2010) connected with the Northern Ireland rate and also contains consequential amendments of CTA 2010.

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