Section 1: Trading Profits Taxable at the Northern Ireland Rate Chapter 2
14.Chapter 2 explains how the Northern Ireland rate is to be set. The Northern Ireland Assembly has the power to set the rate for one or more future financial years by way of a resolution. Once set, the Northern Ireland Assembly may cancel that rate by resolution, which will have effect provided the cancelling resolution is passed before the beginning of the financial year to which the rate applies. Section 357IA(6) authorises the setting of a nil rate.
15.If a rate is not set by resolution for a financial year, the rate for that year will be the rate set for the previous financial year. Until the Northern Ireland Assembly exercises the power to set a rate for the first time, the Northern Ireland rate will be the UK main rate.