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| Northern Ireland Corporate Tax Devolution 'Must Wait' |
by Jason Gorringe, Tax-News.com, London
Friday, September 23, 2011
Northern Ireland must engage in "very hard negotiations" with the
UK Treasury over plans for corporate tax devolution, a key government minister
has said, admitting that it could take at least four years to implement any
changes.
Answering questions in the Stormont Assembly, Sammy Wilson, Minister of Finance
and Personnel, said that over 700 responses to the government's consultation
on devolving the tax rate had been received. The government is currently considering
the responses, with Wilson stressing that "there is a lot of work to be
done in determining the amount that this would cost, as well as in determining
other factors that might help to mitigate the cost."
In his view, the administrative arrangements for carrying out the collection
and payment of the tax ought, in the case of devolution, to remain with HM Treasury,
with Northern Ireland paying for this service. At present, the figure Wilson
has already been given is "ridiculously high", meaning the cost of
administration remains an area for negotiation.
Turning to the overall merits of devolution, Wilson was adamant that "we
cannot accept the devolution of corporation tax if it will have a massive impact
on our current spending". He added that "one of the reasons why there
have to be very hard negotiations with the Treasury over the autumn is to make
sure that we do not get a bill for the devolution of corporation tax that is
totally unsustainable".
Wilson confirmed that, at present, there is no provision in the current four-year
Budget for the devolution of corporate tax. This means that, were an acceptable
agreement reached, "there would still be an impact, unless it is phased
in or deferred".
This means that there is little chance that Northern Ireland will see a reduction
in the rate of the tax within the lifetime of the current Assembly. Wilson clarified that:
"It will come after that."
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