£27 billion business tax cut takes effect as tax year begins

Businesses across the UK can take advantage of the Chancellor’s capital allowances package from today as the new business tax year begins.

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The package, announced at Spring Budget, comprises 100% full expensing and a 50% first-year allowance. It will mean the UK has the most generous capital allowance regime in the OECD worth £27 billion over the next three years, amounting to an effective £9 billion a year tax cut for companies.