Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to encourage businesses to invest.
Under the super-deduction, from April 2021 until the end of March 2023, companies can claim a 130% capital allowance on qualifying plant and machinery investments. It is the biggest two-year business tax cut in modern British history.
At Budget, the Government announced that the temporary £1 million Annual Investment Allowance level would be extended until the end of March 2023.
These measures provide more upfront support to help businesses across the UK invest and grow.