{"id":14196,"date":"2023-03-15T08:05:21","date_gmt":"2023-03-15T15:05:21","guid":{"rendered":"https:\/\/essential.construction\/news\/hunt-talks-growth-while-hiking-corporation-tax\/"},"modified":"2023-03-15T08:05:25","modified_gmt":"2023-03-15T15:05:25","slug":"hunt-talks-growth-while-hiking-corporation-tax","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/hunt-talks-growth-while-hiking-corporation-tax\/","title":{"rendered":"Hunt talks growth while hiking corporation tax"},"content":{"rendered":"

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All firms which make more than \u00a3250,000 in profit will pay 25% tax on their profits from April.<\/p>\n

Hunt attempted to ease the pain for smaller companies by increasing the Annual Investment Allowance to \u00a31m meaning firms can deduct the full value of all their investment from that year\u2019s taxable profits.<\/p>\n

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He said that every single pound a company invests in IT equipment, plant or machinery can be deducted in full and immediately from taxable profits.<\/p>\n

The Chancellor has made tackling inflation his top priority with the Office for Budget Responsibility forecasting a fall to 2.9% by the end of this year from the current 10.1%.<\/p>\n

The OBR also confirmed no technical recession in the UK this year and steady growth across the economy in the coming years of 1.8% in 2024, 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027.\u201d<\/p>\n

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Hunt confirmed plans for 12 new investment zones each with the potential to become \u201ca new Canary Wharf\u201d alongside an extra \u00a3200m for the annual pothole fund.<\/p>\n

The budget was announced to a background of the Stock Market tanking with the FTSE 100 down 3% by Wednesday lunchtime.<\/p>\n

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