Equipment: Tax Allowances

Treasury written question – answered on 20th October 2021.

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Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, with reference to the HMRC policy paper entitled, Temporary increase in annual investment allowance for plant and machinery, published 3 March 2021, whether he has made an estimate of the number of firms likely to invest more than £1 million in plant and machinery in (a) England, (b) Wales, (c) Scotland, (d) Northern Ireland and (e) in the UK during the 2021-22 financial year.

Photo of Lucy Frazer Lucy Frazer The Financial Secretary to the Treasury

The temporary increase in the limit of annual investment allowance (AIA) from £200,000 to £1,000,000 for expenditure on plant and machinery incurred during the period of 1 January to 31 December 2021 was estimated to impact 31,500 businesses.

A geographical breakdown of the number of businesses by levels of capital expenditure in 2021-22 will not be available until HMRC has received and processed the relevant tax returns.

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