Asked by: Rob Butler (Conservative - Aylesbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the competitiveness of the UK's tax regime.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The Chancellor is committed to ensuring the UK tax system is one of the most competitive amongst major economies.
The Government has announced full expensing for investments in qualifying plant and machinery for the next three years, permanently set the Annual Investment Allowance at its highest ever level of £1 million to significantly boost business investment, and has provided further support for businesses’ R&D spending to promote the conditions for enterprise to succeed.
The Chancellor will look to cut business taxes further when it is responsible to do so.