Budget plan to 'level up'
Sunak now eyeing tax breaks to boost investment
Rishi Sunak: wants to ‘level up’
Chancellor Rishi Sunak is considering tax cuts for UK businesses that invest in property, plant and equipment as a means to stimulate recovery.
The move would be seen as a part of the government’s plan to “level up” large parts of the UK that have fallen behind due to de-industrialisation.
Companies receive tax breaks on the first £200,000 of capital investment, with a temporary extension to £1m due to end in January.
The Sunday Telegraph reports that the chancellor is considering waiving the limit entirely for a period.
The news of potential tax breaks may ease some concern among those who have been alarmed by speculation of potential tax rises in Mr Sunak’s autumn budget.
The chancellor is said to be considering raising taxes on capital gains and inheritance as a part of a tax grab on the wealthy to help offset the hundreds of billions spent of pounds by the Treasury during the coronavirus crisis.
However, self-employed workers have expressed anger that they may be asked to help pay for government support they never received.