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Spring Statement: PwC comments on the announcement to drive capital business investment and productivity in the UK

23 Mar 2022

Commenting on the Spring Statement announcement to drive capital business investment and productivity in the UK, Portia Pierrel, Capital Allowances Lead at PwC, said:

 

Building on the momentum generated through the introduction of the super-deduction tax relief introduced last year to encourage investment and support post pandemic recovery, the Chancellor has given strong signals that the Government plans to go a step further to drive future capital business investment in the UK.  

To achieve this, the Government plans to ‘cut and reform taxes on capital investment’ to help drive higher growth, with further details expected in the Autumn Budget later this year.  

Examples of options that will be explored are wide ranging, including increases in the current rates of relief, the introduction of new first year allowances and possible full expensing of certain costs to permanently increase the level of the Annual Investment Allowance - all of which will help to accelerate the level of tax relief available.  This is good news for businesses who have long been calling for the introduction of wider, accelerated and more permanent reliefs to increase certainty about future capital investment plans.

This is a great opportunity for businesses to share their views and shape what the new landscape for capital allowances could look like.

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