Businesses in the Westcountry are likely to be among those gaining the most from opportunities to invest in a wider range of green technology qualifying for 100% tax breaks.
Investments in energy and water saving equipment receive generous tax relief and firms in the South West stand to take advantage of the chance to employ new categories that have become eligible.
This is the prediction of Nigel Warren, head of the Manufacturing, Technology and Innovation team at Bishop Fleming, the accountancy firm with offices throughout the South West.
"Business chiefs in this region are well aware that the South West is a global hub for ‘Green Technology', so will be more alert than most to the opportunities created by investing in an increasing list of energy and water saving equipment that allows for 100% tax claims.
"The announcement also comes at a time when more businesses are now claiming substantial tax allowances on investments in Research & Development", said Mr Warren.
With no limit on how much a business can spend to obtain this new relief for energy and water saving investment, the move should be a double-win for companies in this region that grab the opportunity", he suggests.
"While the Westcountry is home to many ‘Green Technology' innovations, it is also the region with some of the country's biggest bills for energy and water - both of which are major business costs. By investing in energy-saving equipment approved by the Department of Energy & Climate Change (DECC), or water efficiency technologies approved by the Department for Environment Food & Rural Affairs (DEFRA), Westcountry firms can steal a competitive edge by capturing a 100% tax allowance on those investments, and benefit from reduced annual bills for energy and water", said Mr Warren.
He also called on Westcountry producers of energy and water saving technologies to ensure that their products are included in the Government's approved lists.
"With 100% tax allowances, there will be strong demand for these cost-saving systems. It would be ironic if this region's pioneers in those technologies are not included in the approved lists", said Bishop Fleming's Nigel Warren.