In March 2007, the then Chancellor of the Exchequer, Mr Gordon Brown announced a review – led by Sir David Varney – to report on how current and future tax policy, and including the tax changes announced in the UK Budget, can support sustainable growth of businesses and long-term investment in Northern Ireland.

An ICAI delegation, consisting of Feargal McCormack, ICAI Council Member, Eamonn Donaghy Chair – Northern Ireland Tax Committee, Marie Barr, Chair – Tax Committee South and Mary O'Brien, ICAI Senior Manager – Taxation, met with Sir David Varney on Monday 18 June at Government Buildings to present members’ interests in the review.

ICAI told Sir David that a low Corporation Tax rate would not only encourage indigenous entrepreneurship in Northern Ireland but also foster inward investment. The technical obstacles that are being raised to such a move, principally the restrictions in the EU Treaty, can be overcome.

“We outlined to Sir David how perceived obstacles to a lower tax regime in Northern Ireland could be dealt with. We also took the opportunity to raise other tax matters which would be to the benefit of the Northern Ireland economy. As an all-island organisation with extensive first hand experience of tax issues North and South, we are well placed to contribute to Sir David's important review of tax policy” said Mr Eamonn Donaghy, Chairman of the Institute's Northern Ireland Tax Committee.

Further representations to Sir David's review have been made by ICAI and are reproduced at Section 2.01.