AQW 9201/22-27

Mr Matthew O'Toole
Social Democratic and Labour Party
South Belfast

Tabled Date: 19/03/2024
Answered On Date: 18/04/2024
Priority Written: No

Question:
To ask the Minister of Finance whether he intends to commence the powers to set Corporation Tax funding as provided for in the Corporation Tax (Northern Ireland) Act 2015.

Answer:

My department does not have the authority to commence the powers to set the rate of Corporation Tax, as provided for in the Corporation Tax (Northern Ireland) Act 2015. The responsibility for this rests with the British Treasury.

Rather, I intend bringing a paper to the Executive in due course to seek to agree our approach to tax devolution more broadly. However, I am clear that the devolution of Corporation Tax could only occur if it were affordable, and worthwhile if it ensures that ordinary citizens benefit through the creation of sustainable, well-paying jobs and if it furthers economic development.