30/01/2004

SMEs to gain from £400m tax boost

Small and medium-sized enterprises (SMEs) are set to receive a £400 million boost today, Paymaster General Dawn Primarolo has announced.

The increases, which double the amount of investment eligible for 40% first-year capital allowances, will provide a cash flow increase for smaller businesses of almost £400 million over the next three years.

Businesses falling under the revised small business threshold will also be eligible for the 100% first-year capital allowance for spending on information and communication technology up until March 31 2004.

Ms Primarolo said: "Smaller businesses are vital to the UK's economy, prosperity and growth. The increased support will further boost smaller businesses' investments, helping them to grow and compete to ensure that the UK economy remains the fastest growing economy in Europe."

(gmcg)

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