09 July 1999
Brussels blocks Ulster tax break

THE European Commission has banned the Inland Revenue from operating a special package of tax breaks in Northern Ireland – thereby stopping a number of agricultural schemes.

Gordon Brown, the chancellor, announced 100% first year capital allowances for spending by small and medium-sized businesses on plant and machinery.

But Brussels said that some elements were incompatible with a single market. The ruling has meant that some projects in agriculture will not now go ahead.

  • Financial Times 09/07/99 page 8 (News Digest)