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The Guardian - UK
The Guardian - UK
National
Anna Isaac and Julia Kollewe

Jeremy Hunt aims to spur business investment with ‘full expensing’ tax break

United States Jeremy Hunt Sam Richards AstraZeneca United Kingdom
A woman works on a pallet truck in a warehouse
Firms will be able to claim up to 100% of the cost of their investment in machinery that qualifies under the policy. Photograph: Mark Waugh/Alamy

Jeremy Hunt has launched a flurry of tax breaks to encourage investment by businesses after the double blow of microchip designer Arm opting for a New York stock market listing and AstraZeneca deciding to build a new factory in Dublin.

Businesses that invest in IT equipment and machinery will be able to claim back the cost by writing it off against tax on their profits, the chancellor announced in his budget on Wednesday.

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