Chancellor Jeremy Hunt has revealed a package of measures to boost business investment and cut business taxation.
Help for business was a key part his Autumn Statement he delivered to the House of Commons today in a growth-focused strategy.
One of the key investment changes was to make ‘full capital expensing’ permanent (it was due to expire in 2026) to encourage firms to invest by allowing them to offset investment against corporation tax.
Mr Hunt said that encouraging more firms to invest would help boost business growth and spur productivity improvements. He said UK productivity in both the public and private sector needed to improve.
Key business taxation changes:
With Permanent Full Expensing a company can now permanently claim 100% capital allowances on qualifying main rate plant and machinery investments, meaning that for every pound invested its taxes are cut by up to 25p, the Chancellor said.
There will also be a business rates support package worth £4.3 billion over the next 5 years. This includes a rollover of 75% Retail, Hospitality and Leisure relief for 230,000 properties and a freeze to the small business multiplier, which will protect around 90% of ratepayers for a fourth consecutive year.
The Investment Zones programme and freeport tax reliefs will be extended from 5 years to 10 years, and a new £150 million Investment Opportunity Fund will support Investment Zones and Freeports to secure specific business investment opportunities.
The government has also accepted in principle the headline recommendations of Lord Harrington’s review into increasing foreign direct investment. This includes additional resource for the Office for Investment, allowing it to deepen its world-class concierge offer to strategically important investors.
From Financial Planning Jobs. For more click on any job.
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/