With just under two years to go to the proposed introduction of a 12.5 percent rate of corporation tax (CT) for NI, are you ready for the change? In Budget 2016, the Chancellor reaffirmed the importance of conditions being met as a prerequisite for this regime. Read our briefing note on the regime now (see here) and start considering if your company or client portfolio can benefit from this important change.

At the time of writing, there are clearly defined rate-setting arrangements needed to “switch on” the NI CT rate via Treasury regulations. These Treasury regulations are subject to very specific conditions.

As set out in the November 2015 Fresh Start agreement, this requires the continued commitment of the NI executive to “take all the actions necessary to demonstrate that its finances are on a sustainable footing for the long term including successfully implementing measures in the Stormont House Agreement, this Agreement and subsequent reform measures”.