From April 2023 the main rate of corporation tax will increase to 25% on profits over £250,000. The
rate for companies earning profits up to £50,000 will remain at 19%, with marginal tax relief given to
companies with profits between £50,000 and £250,000 so that they pay less than the main rate.
The UK government has devolved power to the Northern Ireland Assembly to set a Northern Ireland rate
of corporation tax to apply to certain trading income once the Northern Ireland Executive has
demonstrated to the UK government that its finances are on a sustainable footing, and the Northern
Ireland Assembly sets the rate of corporation tax to be applied.