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Sunak thinks tax relief for businesses to boost investment

 


    Rishi Sunak and older Conservatives believe tax breaks will bring much-needed boost

Rishi Sunak and older Conservatives believe tax breaks will bring much-needed boost

Chancellor Rishi Sunak is considering a multi-million pound tax break to encourage investment in equipment and technology, reports Telegrafi.

The plans will give firms a complete tax break on capital investments such as machinery, technology and industrial facilities so that they can immediately recover costs from their bills.

Sunak hopes the move will give the economy a step forward following the effects of COVID-19. Older conservatives think an action like this could encourage otherwise reluctant businesses to invest in growth.

The US-based study shows that this type of intervention, known as full expenditure, can increase investment by 17.5 percent and wages by 2.5 percent. Earlier this year, Center for Policy Studies said the scheme “will mean businesses that invest more, leading to higher revenue and more tax revenue”.

At present, enterprises are granted tax relief only for the first 200,000 investments under the Annual Investment Payment. A two-year temporary increase to 1 million will end on December 31st. However, with long-term costs such as property and machinery, firms can only deduct a small amount each year of the investment life.

Proponents of full-blown spending say a move like this could free up money for businesses to hire more people. The measure could be brought on a temporary basis, possibly 12 months.

Rishi Sunak is considering including the measure in his Autumn Budget. Addressing a House committee in May, the Chancellor said the current allowance “covers 90 per cent of businesses… does not cover 90 per cent of all investments, which is done by a small number of larger firms”.

“There has long been an issue with investing in this country. So there is a general reason why someone wants to try to encourage more corporate investment. “

But he added: “We have a long-term issue and there may be an argument to look at things in a shorter period to help spur recovery.”

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