Business: Tax Allowances

HM Treasury written question – answered on 21st October 2015.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask Mr Chancellor of the Exchequer, if he will take steps to provide tax incentives for businesses seeking to enter the automotive and motor racing industries.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Government provides generous tax incentives to help new and innovative businesses in the UK, including the automotive and motor racing industries. The rate of corporation tax is currently 20% and will be 18% in 2020, the lowest of any economy in the G20.

The Government supports research and development (R&D) in the automotive and motor racing industries through R&D tax reliefs. At Summer Budget 2015, the Government also announced that it would increase the permanent level of Annual Investment Allowance to £200,000 which will further support investment in plant and machinery.

The Government has also committed £86 million through the Advanced Propulsion Centre to secure Britain’s strength in the research, development and commercialisation of low carbon vehicle technologies.

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