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1302007

registered interest
date	11/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether investment in plant and machinery intended to be subsequently leased is eligible for the new 130 per cent super deduction capital allowance.
tabling member constituency	Houghton and Sunderland South
tabling member printed	Bridget Phillipson
uin	167193
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>Expenditure on the provision of plant and machinery for leasing is not eligible for the new 130% super-deduction capital allowance, as is the case with other first year allowances such as Enhanced Capital Allowances in Enterprise Zones.</p><p> </p><p>The super-deduction applies to investment on qualifying plant and machinery, including where that plant and machinery is for the purposes of digital transformation.</p><p> </p><p>The Government takes fraud, abuse and tax avoidance very seriously, which is why the Government has taken repeated action at fiscal events to tackle fraud, abuse and avoidance in the tax system.</p><p> </p><p>The super-deduction has been designed to safeguard against those risks. The legislation includes an anti-avoidance provision that applies to counteract arrangements which are contrived, abnormal or lacking a genuine commercial purpose. Further, there are existing rules that exclude connected party transactions from first-year allowances.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman grouped question UIN 167199 167301 question first answered 16/03/2021 13:14:30 answering member 3991 label Biography information for Jesse Norman
tabling member	4046 label Biography information for Bridget Phillipson

1302013

registered interest
date	11/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect the £50,000 threshold for the new small profits rate of corporation tax will have on incentives for corporations with profits just below that level to expand their worth.
tabling member constituency	Houghton and Sunderland South
tabling member printed	Bridget Phillipson
uin	167194
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>From April 2023 companies with small profits, those companies with profits of £50,000 or less, will continue to pay 19%. That means that c.70% of actively trading companies will be protected from a rate increase.</p><p> </p><p>Marginal relief will be available for companies with profits between £50,000 and £250,000 ensuring that the effective rate of Corporation Tax increases gradually for companies with profits over £50,000, and that only about 10% of companies will pay the full main rate.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 16/03/2021 13:30:02 answering member 3991 label Biography information for Jesse Norman
tabling member	4046 label Biography information for Bridget Phillipson