Corporate tax breaks cost taxpayers

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Corporate tax breaks

Guardian

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Corporate UK tax breaks to cost £20bn more than they generate, study finds

Summary

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83% Informative

Tax breaks designed to encourage companies to buy new machinery and equipment are set to cost the taxpayer around three times as much as they generate.

The tax relief on new plant and machinery announced by Jeremy Hunt as chancellor in 2023 was billed as a major part of the solution to the problem of Britain ’s low economic productivity.

An analysis by the thinktanks Demos and Common Wealth has found that the measure, known as full expensing, will cost nearly 30bn in lost tax revenue and spur a maximum of 10.5bn in fresh investment.

The Treasury has calculated the move will cost it just under 11bn by 2028-29 .

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semi-formal

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English

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