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New Prime Minister Agrees to Look at the Possibility of Lowering Corporation Tax for Northern Irelan

Since the new Prime Minister David Cameron first took office in May, he has been kept busy making new connections with various people, as well as making crucial decisions on the state of the economy and much else besides.

He met up with First Minister Peter Robinson in London recently, as they discussed various aspects of how the budget cuts would be administered in various areas.  One key area that was discussed was Corporation Tax, and the Prime Minister did agree that the government would be looking at the possibility of lowering it.

Of course we should not take this as meaning it will definitely be lowered.  But I have read many comments from experts in this area recently and the general feeling seems to be that a reduction in Corporation Tax could be on the cards.  We shall have to wait until later on this month to see whether it actually does happen or not.

This meeting with the Northern Ireland Executive has laid out very clearly how tricky the situation is.  Everyone knows that budget cuts are necessary and getting the country out of debt will be difficult and painful.  But this does not mean that it will all be doom and gloom.  A cut in Corporation Tax could be the silver lining in the forthcoming cloud, and I for one shall be looking very closely for it when the time comes for the Budget announcement to be made.

If you have any concerns about how Corporation Tax could affect your business, either now or in the future, please contact us here at St Matthew for advice and input now.


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