Northern Ireland: Corporation Tax

Lord Roberts of Conwy Excerpts

Monday 15th October 2012 Lords Chamber

[Lord Newby]

My Lords, I can confirm that, as the current UK corporation tax system has different rates for smaller and larger businesses, it would be possible in principle if corporation tax were devolved to the Northern Ireland Assembly for two rates to obtain in Northern Ireland. I agree that the argument in favour of the devolution of corporation tax to Northern Ireland is of a different nature to the devolution of corporation tax to Scotland because of the proximity of the Republic of Ireland, which of course has a significantly lower corporation tax rate.

[Lord Roberts of Conwy]

Will my noble friend take on board the fact that Wales, too, would like to have the power to give variable rates of corporation tax?

[Lord Newby]

My Lords, of course, considerations of consequentials to Wales are always uppermost in the Government’s mind.