<p>Britain will allow companies to offset 100per cent of their capital expenditure against profits in a less generous replacement for the expiring "super-deduction" designed to encourage investment, finance minister <a href="https://www.deccanherald.com/international/britains-budget-what-you-need-to-know-1163235.html" target="_blank">Jeremy Hunt</a> said on Wednesday.</p>.<p>"If the super deduction was allowed to end without a replacement, we would have fallen down the international league tables for tax competitiveness and damaged growth," Hunt told parliament in his budget statement on Wednesday.</p>.<p>"As a Conservative, I could not allow that to happen. So today, I can announce that we will introduce a new policy of 'full expensing' for the next three years, with an intention to make it permanent as soon as we can responsibly do so."</p>.<p>He said the tax cut would be worth an average of 9 billion pounds ($10.9 billion) a year.</p>
<p>Britain will allow companies to offset 100per cent of their capital expenditure against profits in a less generous replacement for the expiring "super-deduction" designed to encourage investment, finance minister <a href="https://www.deccanherald.com/international/britains-budget-what-you-need-to-know-1163235.html" target="_blank">Jeremy Hunt</a> said on Wednesday.</p>.<p>"If the super deduction was allowed to end without a replacement, we would have fallen down the international league tables for tax competitiveness and damaged growth," Hunt told parliament in his budget statement on Wednesday.</p>.<p>"As a Conservative, I could not allow that to happen. So today, I can announce that we will introduce a new policy of 'full expensing' for the next three years, with an intention to make it permanent as soon as we can responsibly do so."</p>.<p>He said the tax cut would be worth an average of 9 billion pounds ($10.9 billion) a year.</p>