Director Aubrey Calderwood writes in Insider Ireland’s Business Matters, that those contemplating investing in Northern Ireland should not overlook the tax reliefs that already exist in the country.
Aubrey outlines that with Northern Ireland having the slowest growing economy in the UK, with one per cent growth so far this year, a non-functioning devolved Assembly, as well as the problems of the border with the Republic of Ireland post-Brexit, the country might not be considered the most attractive investment proposition.
However, in order to stimulate growth in the economy, there are tax incentives that already exist to encourage investment, but few really maximise these, as they’re not well understood among investors or their advisers.
He says: “Consider how much more investment there would be if investors were aware that, for example, between 40 to 60 per cent of the cost of a new hotel or office could attract plant and machinery allowances. Or that a hotel or office costing £15m to build, would equate to a tax saving of up to £1.71m on taxable profits, which could then be made available for re-investment and the creation of more jobs.”