Izza talks tax with Labour
ICAEW chief executive Michael Izza works with government to find ways to ease tax burden of low paid
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.