Businesses broadly welcome tax policies

THE region’s business community have broadly welcomed Chancellor Jeremy Hunt’s Autumn Statement, with several key demands met by Government.

The Chancellor declared an “Autumn Statement for growth” with sweeping tax cuts for companies and workers – with a larger-than-expected cut to National Insurance.

Devon & Plymouth Chamber of Commerce CEO Stuart Elford welcomed the package of support for business – including investment tax incentives, reforms to speed up planning and measures to reduce delays in connecting to the National Grid, but asked for more detail on the 110 growth measures announced.

While Mark Tibbert, Partner and Head of Tax at leading accountancy firm Westcotts, welcomed a budget aimed at supporting growth but warned many smaller businesses were unlikely to feel the affects of some of the key announcements.

Key points for business included:

■ “Full expensing” tax break – allowing companies to deduct spending on new machinery and equipment from profits – made permanent.

■ The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year.