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Northern Ireland corporation tax

Global Tax Update:February 2016/United Kingdom

The Corporation Tax (Northern Ireland) Act provides for Northern Ireland to set its own rate of corporation tax on most trading profits. This is contingent on the Northern Ireland Executive demonstrating that its finances are on a sustainable footing, including successfully implementing measures in the Stormont House Agreement and subsequent reforms. (Global Tax Update:February 2016/United Kingdom)

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(1) Northern Ireland corporation tax

The Corporation Tax (Northern Ireland) Act provides for Northern Ireland to set its own rate of corporation tax on most trading profits. This is contingent on the Northern Ireland Executive demonstrating that its finances are on a sustainable footing, including successfully implementing measures in the Stormont House Agreement and subsequent reforms. 

(2) Hybrid mismatch rules: draft examples

A series of examples illustrating the application of the draft hybrids mismatch legislation was published on 22 December 2015.

(3) Domestic reverse charge VAT on wholesale telecoms from 1 February 

A new statutory instrument has been laid which will introduce ‘reverse charge’ value added tax (“VAT”) accounting for wholesale supplies of certain electronic communications services. 

(4) Consultation in the spring on amending the UK’s VAT Grouping rules

HMRC have announced that they will be meeting business representative bodies to explore and develop new ideas on VAT grouping in the light of the Court of Justice of the European Union (CJEU) judgments in the case of Skandia America Corporation and in the joined cases of Beteiligungsgesellschaft Larentia + Minerva mbH & Co. KG and Marenave Schiffahrt AG.

 

>> Click for Japanese [北アイルランド法人税、ほか] 

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