Industrial Rates Not Under Threat To Fund Corporation Tax Cuts - Wilson
Finance Minister Sammy Wilson MP MLA affirmed last week that business rates will not increase to fund any potential cut in Corporation Tax. Speaking at a Northern Ireland Assembly Business Trust event, and in answer to a direct question on industrial rates by Manufacturing NI Chairman Michael Wightman, the Finance Minister stated that Northern Ireland Executive have never suggested that this might be the case, but that such proposals have come from commentators outside of Government. Earlier this year leading economist Mike Smyth suggested that business rates could treble for large companies to fund the Corporation Tax initiatives.
The Minister went on to say that giving with one hand and taking away with the other would make no sense, and that the Assembly were committed to low business taxation evidenced by the cap on industrial rates being enshrined in the budget for the next four years and by their intention to expand the Small Business Rates Relief Scheme next year.