Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the cost to the public purse was of business investment relief in (a) 2013, (b) 2014, (c) 2015 and (d) 2016.
As the external Office for Budget Responsibility confirmed, there is no cost to the public purse of Business Investment Relief. Foreign income invested using Business Investment Relief would otherwise have been left offshore and not subject to UK tax.
The current amount that has been invested in the UK using Business Investment Relief is given in the table below:
Tax Year | Total amount of investment |
2012-13 | £197m |
2013-14 | £549m |
2014-15 | £837m |
This information and further details on business investment relief can be found in Table 6 of ‘Statistics on Non-domiciled Taxpayers in the UK,’ on the gov.uk website (https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk).