March 3, 2021
Calling it “the biggest business tax cut in modern history” in his budget speech, Rishi Sunak, the UK’s chancellor of the exchequer, announced a “super-deduction” for companies, inviting them to spend the mountains of cash they’re sitting on.
The super-deduction will allow businesses to deduct up to 130% of new capital investment from their overall taxable income. An auto-parts manufacturer buying new plant machinery for £1 million, for example, will be able to deduct £1.3 million from taxable income. The super-deduction regime, which will run until March 2023, will let companies cut their tax bill by up to 25p for every £1 they invest. In total over the next two years, companies are expected to benefit to the tune of £25 billion ($35 billion).
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| UPDATED: 11:42, Sat, Feb 27, 2021
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Brexit has been a success, according to political expert Marc Roche, who said Britain is in better position than Europe . Mr Roche, who writes for the French weekly Le Point, said that Britain can expect its economy to bounce back while the EU could languish until the end of the year. Speaking to BBC Dateline London, the France expert was asked about how Chancellor Rishi Sunak will handle the upcoming budget on Wednesday, which is also the first-post Brexit budget.