Hunt to make investment tax break permanent

Moving the dial: Hunt making a statement at the House of Commons in London. The British government hopes its plans will boost investments by £20bil a year. — Reuters

LONDON: UK Chancellor of the Exchequer Jeremy Hunt aims to boost business investment by £20bil (US$25.1bil) a year by unleashing a package of measures on Wednesday including making permanent a 100% tax relief on investment spending by British businesses.

The move to extend indefinitely the so-called “full expensing” tax break, which saves businesses 25 pence off their tax bill for every £1 they invest in plant or machinery, will be one of the key planks of the chancellor’s tax and spending plans, according to a person familiar with the matter, who requested anonymity discussing unannounced measures.