With claims that over half of the UK's food will be imported within a generation, there have been calls to boost UK food production. A drop in corporation tax and cuts in NI for apprentices to harness fresh new talent will help, but further assistance is needed for manufacturers, and in particular SMEs, to make the initial investment in much needed automation to bring the UK up to speed with their European counterparts. The annual investment allowance (AIA) is a government HMRC incentive which benefits businesses investing in up to half a million pounds in plant and machinery until December 2015. This increase, which is a £500,000 tax relief incentive on plant equipment including packing automation systems until the end of 2015, is a significant boost to help food manufacturers. When customers were asked if they were aware of this AIA however, which is subject to 100% corporate income tax relief on qualifying plant and equipment, 90% of those polled responded negatively, with the majority wanting to know more.
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