TaxAdministrationBrown backs industry with continued tax allowance

Brown backs industry with continued tax allowance

Capital allowance to rise with inflation

Gordon Brown will today pledge to continue with the £100,000 investment
allowance and permit it to rise with inflation.

The allowance was doubled form £50,000 in the Budget this year, but the
Financial
Times
reports that the Prime Minister will announce today that the
allowance – aimed at helping with expenditure on plant and machinery – will be
linked to inflation.

The measure will come as part of Labour’s business manifesto which is due to
be launched today.

The FT claims this will be seen as an attack on Tory plans to scap many
allowances in return for a reduced a corporation tax rate.

An
allowance
works by permitting a specified sum to be written off against their taxable
income.

The increased allowance was due to come into effect from 1 April this year.

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