Practice owners looking to invest were boosted by a 10-fold increase in the Annual Investment Allowance to £250,000 recently announced by Chancellor George Osborne.
The FMO praised the decision which takes effect from January and is set for two years. Manufacturers and trade bodies including EEF and The British Chambers of Commerce had long called for such an investment-friendly change, said the FMO, but it had been overlooked for years and cut from £100,000 to £25,000 by the Coalition Government in April.
Stuart Burn, managing director of Performance Finance, said: 'This is fantastic news for the optical industry and the UK economy as a whole. Even the grandest capital expenditure for labs and practices should become fully tax deductible.'
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