The UK Finance & Leasing
Association (FLA) has written to the Chancellor of the Exchequer
George Osborne in advance of next week’s emergency Budget –
stressing the importance of asset finance to help British
businesses to invest for economic recovery.
The association said that
the UK Government should:
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- use the corporate tax system to support investment,
particularly by smaller businesses who would find leasing more
“cost-effective”; - ensure that any reforms to the corporate tax system at least
allow the cost of equipment to be recovered over its economic
life; - simplify the current accounting and procurement rules, which
limit the ability of public services to lease equipment.
Julian Rose, head of asset
finance at the FLA, said: “The leasing industry can help economic
recovery by directly funding the equipment needed by business and
the public services.
“But to do that, we need two
things: a fair tax system that does not – as at present – favour
the purchase of equipment over renting; and the removal of
unnecessary barriers to the use of leasing by public services.”
The Chancellor will announce
his emergency Budget statement on June 22 at 12.30pm.
Antonio
Fabrizio
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