In response to the Green Technology Challenge document issued by the UK government in July this year, which considered how environmentally friendly technologies can be employed, the Tax Faculty has announced its support of the Treasury's ambition to promote business investment in such technology through the use of the tax system instead of a system of grants.
The key suggestions of the Tax Faculty, a department of the Institute of Chartered Accountants in England & Wales for Chartered Accountants, involve: Measures to encourage environmentally friendly technologies bearing in mind that businesses would probably prefer cash grants rather than enhanced capital allowances; that the Government should look to encourage the supply side of environmentally friendly technology, which would suggest enhanced allowances for innovation in developing such products; and that measures on climate change, air quality and waste should take priority, but a broadly based strategy over the longer term is needed rather than isolated short-term measures.
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