UK Tax Relief Boosts Business Investment by 9.2%

A new report from the Office for National Statistics (ONS) has shown that UK business investment grew by 9.2% in June 2023, up from 6.7% in the previous year. This strong investment growth is partly attributed to the UK government’s super-deduction tax relief scheme, which was introduced in April 2021.

The super-deduction tax relief scheme allows businesses to claim 130% capital allowances on qualifying plant and machinery investments. This means businesses can reduce their tax bill by up to 25p for every £1 invested in new equipment.

The ONS report found that the super-deduction tax relief scheme significantly impacted business investment in the year to June 2023. The report estimated that the scheme boosted business investment by around 3%.

The UK government has said that the super-deduction tax relief scheme is a success and that it is helping to drive economic growth. The government has also said it is considering extending the scheme beyond its current end date of March 2023.

The news of strong business investment growth is a positive sign for the UK economy. Business investment is essential for economic growth, productivity, and job creation.

The UK government’s super-deduction tax relief scheme has boosted business investment by 9.2% since June 2023. This is a positive sign for the UK economy, as business investment is essential for economic growth.

The UK government’s tax relief scheme helped businesses invest more money in new equipment. This is good for the economy because it helps businesses to grow and create more jobs.