Hunt aims to spur business investment with ‘full expensing’ tax break

Measure over next three years will allow firms to write off costs of IT equipment and machinery against tax on profits

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Jeremy Hunt has launched a flurry of tax breaks to encourage investment by businesses after the double blow of microchip designer Arm opting for a New York stock market listing and AstraZeneca deciding to build a new factory in Dublin.

Businesses that invest in IT equipment and machinery will be able to claim back the cost by writing it off against tax on their profits, the chancellor announced in his budget on Wednesday.