Autumn Statement: Good news for business
There was some surprisingly good news for businesses in today’s Autumn Statement.
– The Annual Investment Allowance will be increased from £25,000 to £250,000. This gives 100% tax relief on capital expenditure on plant and machinery (other than cars). The new limit applies to expenditure incurred from 1 January 2013 to 31 December 2014.
– The main rate of corporation tax paid by large companies will be cut to 21% from 1 April 2014. This compares with the current rate of 24%. The small company rate remains at 20%.
– The 3p increase in fuel duty planned for January has been scrapped.
– The temporary doubling of Small Business Rate Relief will continue for a further 12 months to 31 March 2014.