Chancellor helps UK business.
In his 2012 Autumn Statement Chancellor George Osbourne announced a raft of tax measures to help UK businesses steer through the current recession:
Initiatives of particular help included:
- Increasing the Annual Investment Allowance (100% capital allowances on Plant in year of purchase) from £25,000 to £250,000 wef 1 Janaury 2013.
- The main corporation tax rate being reduced to 21% from 1 April 2014.
- No new announcements on a General Anti Avoidance Rule, to combat aggressive tax planning.