In a move he described as a tax cut for businesses, Mr Hunt confirmed the Government will introduce permanent
Full Expensing. He said it was worth £10bn a year for companies.

A capital allowance tax scheme, the move enables businesses to write off 100% of the cost of investment on qualifying items such as new or improved technology, equipment,
machinery or buildings.

Having announced it as a temporary measure in March 2023, the Treasury will shortly publish draft legislation for Full Expensing to apply to leased assets. This will be
implemented “when fiscal conditions allow”, the Treasury said.