Executive Council met today, Tuesday 9 December. As the agenda items related to commercial activities of local businesses, they were discussed in closed session.
While details of the meeting must be kept confidential, there was a more general discussion on supporting investors through Investment Tax Credit.
Investment Tax Credit is an incentive available to people who import depreciable assets or materials for the construction of a new depreciable asset. It is designed to provide financial support to those looking to invest in their business and is currently set at 15% of the cost of acquiring and importing an asset. The resulting credit can be used against any tax due on the person’s business or property income. For example, if it costs a business £100,000 to purchase and import an asset, then it can claim an Investment Tax Credit of £15,000 against its tax assessment.
Executive Council discussed ways of making Investment Tax Credit more attractive to businesses and will keep this Policy under close review.