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Tax bonfire
Key points
- Important changes were made to the capital allowances regime despite the Treasury Committee’s call for evidence on tax reliefs not having closed.
- Investment zones are to be created benefiting from significant tax planning and regulatory incentives.
- Super deduction and special rate allowances may be retained with technical amendments.
- The chancellor has failed to increase the default writing down allowances.
Earlier in the week the Centre for Policy Studies (CPS) and the US based Tax Foundation (TF) published a paper arguing for greater capital allowances (after the super deduction) to boost growth and GDP.
Following the ‘mini Budget’ there has been a wide range of reactions ranging from shock to awe – depending on one’s political outlook. Market sentiment is also mixed with immediate impact to currency levels gilt and bond yields as well as concern for future mortgage rates after the widest tax cuts...
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