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Businesses receive £500,000 boost in budget
The Annual Investment Allowance (AIA), which allows businesses to invest in new plant and machinery for maximum tax benefits, was initially cut from £100,000 to £25,000 by the coalition.
However, in an effort to provide more tax aid to businesses, chancellor George Osborne has improved on its increase to £250,000 in 2012 by doubling it. Going forward, the AIA has been extended to 2015 and will now be worth £500,000.
The AIA is a kind of capital allowance, which offers tax relief at 100 per cent on qualifying expenditure in the year of purchase. The maximum businesses can deduct from your taxable profits is now set to be £500,000. This pro-rates for short or long periods, and also for periods that span the operative dates and rates of allowance.
The cost to implement the policy is set to be £2 billion, but is a reflection of the government's desire to back businesses which are looking to invest. According to the chancellor, some 99.8 per cent of businesses will pay no tax on investment.
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