Corporation Tax Act 2010 section 357XH

Power to amend definition of "excluded trade" or "excluded activity"

Section 357XH grants HM Treasury the power to change, by regulations, what counts as an "excluded trade" or "excluded activity" for the purposes of the Northern Ireland corporation tax regime.

• The Treasury may amend the definitions of "excluded trade" or "excluded activity" by statutory instrument
• Any such regulations must be approved in draft by the House of Commons before they can take effect (the affirmative resolution procedure)
• The regulations may make different provision for different purposes and include incidental, supplemental, consequential or transitional provisions
• This ensures the government can update the scope of trades and activities that fall outside the Northern Ireland regime without requiring a new Act of Parliament