This year's UK pre budget submission by Chartered Accountants Ireland focuses on promoting fairness and industry in Northern Ireland using the tax system.

The main points of the submission are:

• The Inheritance Tax Act 1984 should be amended to confirm that land let under conacre arrangements is a trading asset and qualifies for Agricultural Property Relief and Business Property Relief under Chapters 1 and II of Part V of the act.
• The proposal to implement a civil penalties regime which would include publication of lists of firms which HMRC had found to be deficient is highly inappropriate and should not be pursued.
• In order to encourage multinational inward investment we recommend the introduction of a new Technology Zone in Northern Ireland which would confer tax benefits such as a 12.5% rate of corporation tax and a special regime of capital allowances for companies operating within that zone.
• In addition, to encourage more R&D in Northern Ireland a Northern Ireland specific R&D tax relief must be implemented. We propose an increase in the tax credit available to 200% of expenditure on R&D, coupled with a relaxation on the rules governing what constitutes R&D expenditure.