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Written question asked by Emma Hardy (Labour) on Wednesday, 23 March 2022, in the House of Commons. It was due for an answer on Monday, 28 March 2022. It was answered by Lucy Frazer (Conservative) on Friday, 1 April 2022 on behalf of the Treasury.

Capital Allowances

Question

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of (a) extending the Super-deduction and (b) replacing it with an equivalent to support the ports industry to invest in green infrastructure.

Answer

At Spring Statement the government set out that, ahead of the end of the super-deduction, it is considering reforms to best support future business investment. In doing so, it will continue to review the latest evidence, including the impact of the super-deduction and views of businesses.

The government is investing £206 million to establish a UK Shipping Office for Reducing Emissions, which will deliver a suite of interventions focused on decarbonising the maritime sector, and will extend the Clean Maritime Demonstration Competition to deliver real-world demonstrations of clean maritime vessels and infrastructure.

Freeport tax sites are able to benefit from a suite of tax reliefs including a 100 per cent enhanced capital allowance for plant and machinery and a 10 per cent enhanced structures and buildings allowance for non-residential structures and buildings. Qualifying capital expenditure in freeport tax sites will benefit from those reliefs, thus providing additional support for investment, including green investment, in our ports industry.

Secondary information

Type
Written question
Reference
145966
Session
2021-22
Subjects
Capital allowances Environment protection Infrastructure Ports
Link
View this Written question on www.parliament.uk