North could cut corporate rate to 12.5%

THE British government has published a consultation paper that may allow the North’s power-sharing executive to reduce the region’s corporation tax rate to 12.5% — the same as Ireland’s.

Reducing corporation tax to encourage investment could make the North less dependent on Britain, the First Minister said.

Peter Robinson welcomed yesterday’s treasury consultation on handing the executive powers to vary the tax rate as a good news day for the North.