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Small firms are meanwhile likely to be major beneficiaries from the doubling of the annual investment allowance, which lets businesses write off capital expenditure on plant and machinery against their tax bill, to £500,000 until 2015.
The proposal also commits $22 billion for accelerated depreciation, which in 2011 would allow businesses to write off 100 percent of their capital expenditures immediately instead of over several years.
But it has been beset by IT problems, with £40m of expenditure on new systems already written off.
The £2bn project to simplify the benefits system has been beset by problems and £40m of expenditure on IT systems has been written off.
Two months later, the Commons Public Accounts Committee said the implementation of universal credit had been "extraordinarily poor", with much of the £425m expenditure to then likely to be written off.
It's true that there is no single renewable project yet to rival Shell's attempt to drill for oil in the Arctic, which press reports indicate was a failed $7 billion expenditure on one well, now abandoned and written off.
The Liberals cannot be written off.
"I like being written off.
That debt has now been written off.
It has already written off 13 investments.
The aircraft was written off.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com