Annual Investment Allowance

Treasury written question – answered on 7th November 2022.

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Photo of Anne Marie Morris Anne Marie Morris Conservative, Newton Abbot

To ask the Chancellor of the Exchequer, what discussions he has had with the relevant stakeholders on expanding the Annual Investment Allowance to cover workplace training.

Photo of John Glen John Glen The Chief Secretary to the Treasury

The Annual Investment Allowance (AIA) is available for investment in plant and machinery. In the 23 September Growth Plan, the government announced that it would permanently set the AIA at £1 million. Unlike capital expenditure, workplace training is tax-deductible for companies and so expanding the AIA to cover workplace training is not something the government is considering.

The Government is, however, supporting workplace training. The Government has transformed apprenticeships – which are jobs with training for anyone of any age – to align with employer needs and the Spending Review 2021 increased total government spending on skills in England by £3.8 billion by 2024-25.

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