Communities Minister Deirdre Hargey has welcomed the Corporation Tax exemption for the Housing Executive that will result in millions of pounds of additional investment in their homes each year.
The exemption has been a long standing issue and one the Minister has been committed to resolving.
Minister Hargey said:
“I very much welcome that the Housing Executive will no longer be liable to pay Corporation Tax. This ends the position where the Housing Executive were unique amongst social landlords in having to pay the tax liability.
“The decision to exempt the Housing Executive realises a key commitment given in New Decade, New Approach, and is a result of my Department’s significant efforts, with the support of colleagues in the Department of Finance, to press for a resolution.”
The Minister continued:
“Since 2014, the Housing Executive has paid almost £58 million in Corporation Tax. This is money that could have been invested in their homes for the benefit of their tenants.
“Its exemption from paying Corporation Tax has been an integral part of my revitalisation agenda as it will provide the Housing Executive with much needed additional income to help address its investment challenge.
“I am committed to the Housing Executive’s revitalisation to provide a sustainable future for all of its homes and security for its current tenants and future generations. We can retain what is valuable about our Housing Executive model, whilst building a model that is both effective and meets the needs of tenants here.”