Corporation Tax Act 2010 section 357IA

Power of Northern Ireland Assembly to set Northern Ireland rate

Section 357IA gives the Northern Ireland Assembly the power to set a specific corporation tax rate for Northern Ireland, subject to certain procedural requirements and cross-community support.

• The Assembly may set the Northern Ireland corporation tax rate for one or more financial years by resolution, and may also cancel such a resolution
• A rate-setting resolution can only be passed following a recommendation from the Minister of Finance, communicated to the Assembly by or on behalf of the Minister
• Any resolution under this section requires cross-community support within the Assembly, as defined by the Northern Ireland Act 1998
• The Assembly is permitted to set a nil rate, meaning the Northern Ireland corporation tax rate could effectively be reduced to zero