On 26 September 2016, HMRC published draft guidance on the planned new Northern Irish corporation tax regime. The headline grabbing aspect of the planned new regime is for a 12.5% rate of corporation tax to apply to certain trading income from April 2018.

Although the Corporation Tax (Northern Ireland) Act 2015 was enacted in March of this year, it will not take effect until the Northern Ireland Executive is able to demonstrate that its finances are on a “sustainable footing”.

The draft guidance can be viewed here.