{"id":617125,"date":"2023-03-12T09:09:13","date_gmt":"2023-03-12T14:09:13","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/12\/uk-plans-11-billion-stg-business-tax-break-in-budget-bloomberg-news\/"},"modified":"2023-03-12T09:09:13","modified_gmt":"2023-03-12T14:09:13","slug":"uk-plans-11-billion-stg-business-tax-break-in-budget-bloomberg-news","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/12\/uk-plans-11-billion-stg-business-tax-break-in-budget-bloomberg-news\/","title":{"rendered":"UK plans 11 billion stg business tax break in budget – Bloomberg News"},"content":{"rendered":"
\n

\"UK
\n\u00a9 Reuters. FILE PHOTO: British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS\/Henry Nicholls\/\/File Photo\/File Photo<\/span>
\n<\/i>\n<\/p>\n

(Reuters) – British finance minister Jeremy Hunt will hand businesses a three-year tax break worth 11 billion pounds ($13.23 billion) by replacing the UK’s investment allowance with a temporary measure in next week’s budget, Bloomberg News reported on Saturday, citing a government official with knowledge of the matter.<\/p>\n

Hunt will limit the relief to three years and propose a permanent replacement in the ruling Conservative Party’s manifesto before the next election, the report said.<\/p>\n

Under this replacement full-expensing regime, companies will continue to save 25 pence on their tax bill for every 1 pound invested, the report said. A previously announced increase in the headline rate of corporation tax, to 25% from 19%, is due to come into force in April. <\/p>\n

“For the manufacturing industry… those capital allowances work, so I would say, we do want to bring down our effective corporation tax, the total amount people pay,” Hunt said earlier today in a GB News interview, referring to measures which allow companies to offset capital expenditure against their tax bill.<\/p>\n

Hunt is due to present his budget on Wednesday.<\/p>\n

($1 = 0.8314 pounds) <\/p>\n<\/div>\n

Read More<\/a>
\n Raleigh Fetzer<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS\/Henry Nicholls\/\/File Photo\/File Photo (Reuters) – British finance minister Jeremy Hunt will hand businesses a three-year tax break worth 11 billion pounds ($13.23 billion) by replacing the UK’s investment<\/p>\n","protected":false},"author":1,"featured_media":617126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87,974],"tags":[],"class_list":{"0":"post-617125","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-billion","8":"category-plans"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/617125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=617125"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/617125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/617126"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=617125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=617125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=617125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}