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AS 2014: Govt set to devolve corporation tax powers for Northern Ireland

The Government is set to devolve corporation tax setting powers to Northern Ireland subject to talks progressing satisfactorily.

In today’s Autumn Statement, Chancellor George Osborne said the Treasury believes the power can be devolvd provided Northern Ireland can show “it is able to manage the financial implications”.

He said: “We recognise the strongly held arguments for devolving corporation tax setting powers to Northern Ireland.

“The Treasury believes it can be implemented provided the Northern Ireland Executive can show that it is able to manage the financial implications.

“The current talks will see if that’s the case. And if it is, the Government will introduce legislation in this Parliament.”

The statement adds: “The parties in the Northern Ireland Executive are currently taking part in talks aimed at resolving a number of issues. These include agreeing budgets for 2015/16 and putting the Northern Ireland Executive’s finances on a sustainable footing for the future.

“The Government will introduce legislation in this Parliament subject to satisfactory progress on these issues in the cross-party talks.”

Osborne also announced an agreement has been reached with the Welsh government on the full devolution of business rates.

He said: “This is a great opportunity to grow the Welsh economy.”

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