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Capital allowances for plant and machinery to increase ten-fold to £250k

Capital allowances in plant and machinery will be increased ten-fold to £250,00 to enable businesses to grow, expand and create jobs, the Chancellor said today.

The capital allowances were cut from £100,000 to £25,000 through the Finance Bill 2011.

Mr Osborne said today that the annual investment allowance will be increased from £25,000 of investment, to £250,000.

He said:  “It is a huge boost to all those who run a business and aspire to grow, expand and create jobs.”

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