James Heappey – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by James Heappey on 2015-10-21.

To ask Mr Chancellor of the Exchequer, what fiscal steps he is taking to support businesses.

Mr David Gauke

The government is committed to supporting businesses.

To support investment and drive productivity, the corporation tax rate will be reduced to 19% in 2017 and 18% in 2020. This will give the UK the lowest rate of corporation tax in the G20 and will save businesses a total of £6.6 billion by 2021.

The permanent level of the Annual Investment Allowance will be increased from £25,000 to £200,000, its highest-ever permanent level.

In addition, over one million employers have benefitted from the Employment Allowance which was introduced in April 2014. It allows businesses and charities throughout the UK to deduct up to £2000 off their employer National Insurance contributions (NICs) bill each year, rising to £3000 from April next year.