PART 8B

Trading profits taxable at the Northern Ireland rate
CHAPTER 2

The Northern Ireland rate

Power of Northern Ireland Assembly to set Northern Ireland rate
357IA
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
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.
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
Words in s. 357IA substituted (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 7 para. 26