Chancellor Jeremy Hunt has announced a widely anticipated decision to make “full expensing” permanent for businesses. Full expensing means that when a company invests in IT, machinery and equipment, they can take the cost out of their pre-tax profits – saving them having to pay tax on the equipment. It was introduced for three years in the spring, and Mr Hunt says it can now be made permanent due to inflation falling and borrowing going down.
‘Largest business tax cut in modern British history’ – chancellor | Autumn Statement 2023
