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.

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

4m Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

6m Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

8m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

8m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

2y Fraser Simpson, Reporter