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September 8, 2011updated 12 Apr 2017 4:12pm

UK leasing industry to lobby for tax breaks

UK leasing companies will urge politicians to extend tax incentives to the asset finance industry as part of a lobbying campaign during the party conference season With the Liberal Democrats due to start the party conference season in less than two weeks, the Finance & Leasing Association (FLA), trade body for asset, consumer and motor finance, and the Asset Based Finance Association (ABFA), representing invoice finance companies, are preparing a joint campaign to raise the profile of their industries. As UK banks face criticism that they are not lending enough money to business, and fears grow of a second recession, politicians, business leaders, and asset finance leaders will discuss business finance at conference events organised by the FLA and ABFA

By Nick Huber

UK leasing companies will urge politicians to extend tax incentives to the asset finance industry as part of a lobbying campaign during the party conference season.

With the Liberal Democrats due to start the party conference season to start 17 September, the Finance & Leasing Association (FLA), trade body for asset, consumer and motor finance, and the Asset Based Finance Association (ABFA), representing invoice finance companies, are preparing a joint campaign to raise the profile of their industries.

As UK banks face criticism that they are not lending enough money to business, and fears grow of a second recession, politicians, business leaders, and asset finance leaders will discuss business finance at conference events organised by the FLA and ABFA.

The events will be chaired by Anthony Hilton, the financial journalist and London Evening Standard columnist.

Although FLA members contributed funding worth £19.6 bn to the business sector and public services in 2010, representing about 25% of all fixed capital investment in the UK, according to the FLA, the industry’s public profile is fairly low.

Russell Hamblin-Boone, the FLA’s head of communications, said: “All of government’s focus has been on mainstream bank lending. We’re not saying there is anything wrong with mainstream bank lending but it is not right in all circumstances.”

The FLA will reiterate its call for government financial support, such as the Enterprise Finance Guarantee scheme, and tax incentives, such as capital allowances, to be extended to asset finance. “We want the government to treat leasing in the same way as other forms of finance,” Hamblin-Boone said.

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