The 183-page guidance document is out for review before being adopted and sets out parameters for profit and loss, and definitions of a business activity falling within the scope of the yet to be set Northern Ireland tax rate.

The Corporation Tax (Northern Ireland) Act 2015 allows for devolution of power to the Northern Ireland assembly to set a Northern Ireland rate of corporation tax to apply to certain trading income. The government has said this new Northern Ireland rate will come into effect once the Northern Ireland executive demonstrates its finances are on a sustainable footing.