On 31 January 2018, UK HMRC published draft guidance on the Northern Ireland Corporation Tax (NICT) regime. The guidance sets out how the Northern Ireland corporation tax legislation will operate, which may be refined further prior to the formal devolution of the corporation tax rate-setting power to the Northern Ireland Assembly. The draft guidance is an update to the initial draft issued for consultation in 2016, and includes updates based on that consultation as well as provisions for the…