ICAEW leaders have met Labour policymakers over a private dinner at the party’s conference to discuss the taxation of the low paid.

At an event entitled 'Building fairness into the tax system', chief executive Michael Izza urged the Treasury to accept technical accountancy expertise from the institute to help devise solutions to the high marginal tax rates suffered by the low paid.

Treasury secretary Yvette Cooper was also at the meeting, alongside institute technical committee chairman Francesca Lagerberg and commons Treasury committee chairman John McFall.

The high marginal deductions are associated with the withdrawal of tax credits at the same time as national insurance contributions are required and individuals start paying income tax at the basic rate.

At other meetings Izza urged delegates to involve accountants in ensuring developing countries have trustworthy financial institutions able to attract investment and effectively handle aid. He also underlined moves to open accountancy recruitment to those who left education with inadequate qualifications.