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The Corporation Tax (Northern Ireland) Act 2015 allows for devolution of power to the Northern Ireland Assembly to set a Northern Ireland rate of Corporation Tax to apply to certain trading income.
The government will commence the Act and devolution of the power can be completed once a restored Northern Ireland Executive demonstrates its finances are on a sustainable footing.
Once the Act has been commenced, a separate rate can be set through a resolution agreed by the Northern Ireland Assembly, in advance of the tax year for which the rate is to apply.
HM Revenue and Customs draft guidance sets out how the Northern Ireland Corporation Tax legislation will operate once a separate rate is set. The text takes account of comments received during consultation and incorporates some minor changes made to the legislation in Finance (No 2) Act 2017.
The draft guidance may be refined further before the devolution of the Corporation Tax rate-setting power to the Northern Ireland Assembly.