Daily Tax Update - January 9, 2015: UK Government Proposes to Allow Northern Ireland to Lower Corporate Tax Rate

UK Government Proposes to Allow Northern Ireland to Lower Corporate Tax Rate: The UK government published the proposed Corporation Tax (Northern Ireland) Bill yesterday, which would permit Northern Ireland to determine its own corporate tax rate, among other changes to the taxation of corporations in Northern Ireland.  In an official statement, Secretary of State of Northern Ireland Theresa Villiers suggested that the bill would make Northern Ireland more attractive to investors and would permit Northern Ireland to compete with Ireland.  The current corporate income tax rate for UK and Northern Ireland is 21 percent, while Ireland’s corporate income tax rate is 12.5 percent.

JCT Releases Annual List of Expiring Provisions:  The Joint Committee on Taxation released its annual list today of federal tax provisions that expired or are currently scheduled to expire between 2014 and 2025.  The list includes 52 provisions that expired on December 31, 2014 and an additional 18 that are set to expire between September 30, 2015 and December 31, 2021.