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By showing the stick that is going to be in use from 2023 it will have an impact on how those of us in Industry plan for the future. Sadly this Budget was as short term in its approach as so many previous ones. What I as someone trying to build a capital intensive part manufacturing business in the long term craves is a low tax rate and a long term stable approach to capital allowances. Where Osborne got it wrong was that initially he took away all allowances and then switched back and forth in the following years. So cut the number of rules and go for a simple system where CT is at 15% and allowances allow write off of plant and machinery over 4 years, buildings over 10 and land over 50, software and computer equipment and r & d can be fully expensed as they have limited second hand value. I would be prepared to wager that not only would the UK attract massive amounts of foreign direct investment but CT receipts would soar as it would be pointless trying to find ways round paying it.

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Does anyone think we are actually going to 25% in 2023? Or is the realistic scenario that Sunak turns around next year and goes "well done chaps, great recovery, take 23% with 100% expensing as a well done".

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