Chancellor Jeremy Hunt has announced significant business tax cuts in his Autumn Statement today (22 November), in a bid to "back British business" and unlock £20bn additional business investment per year over the next decade.
He announced that he would make "full expensing", which allows businesses to write off the full cost of qualifying plant and machinery investment, permanent. Full expensing means that for every pound invested, taxes will be cut by up to 25p. Hunt described this as the "biggest business tax cut in modern British history", claiming it is worth over £10bn a year. As a result, he said the UK will continue to have both the lowest headline corporation tax rate in the G7 and the most generous capital allowances in the OECD group of major advanced economies, such as the United States, J...
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