UK Business Investment Boosted By Tax ReliefsUK businesses will invest a record GBP2.8bn (USD4.3bn) under the Annual Investment Allowance this year, according to LDF, a credit broker to UK businesses.
HM Revenue and Customs's (HMRC's) internal projections suggest that capital investments by businesses using the AIA will rise 22 percent, up from the GBP2.3bn invested last year.
The AIA was introduced in April 2008, and allows most businesses, regardless of their size, to claim tax relief on capital investments. In January 2013, the Government temporarily increased the AIA limit from GBP25,000 to GBP250,000. A second, temporary rise followed in April 2014, when the limit was increased to GBP500,000. The cap will return to GBP25,000 on January 1, 2016.
According to LDF's Managing Director, Peter Alderson, the AIA has been a great success in helping businesses, and especially small firms, make the capital investments they need to grow and thrive as the UK economy improves. LDF is calling on Chancellor George Osborne to maintain the AIA at its current level in next month's Budget.
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