ICAI recommends that North lowers taxes

THE Institute of Chartered Accounts has formally submitted a call for the reduction of corporation tax in the North to the review of tax policy ordered by new British prime minister Gordon Brown when he was chancellor of the exchequer.

The institute said it had written to David Varney — the former head of the Inland Revenue who is carrying out the review — calling for a 12.5% rate like that in the Irish Republic instead of the British top rate of 30%.

The detailed submission followed a meeting with the Varney team last month.