The new Government super-deduction capital allowance will allow companies who invest in qualifying new plant and machinery assets to cut their tax bill by up to 25p for every £1 invested. With much of the UK’s productivity gap attributable to low levels of business investment, the Government is hoping that the super‐deduction will give companies a strong incentive to bring planned investments forward and make additional investments.
From 1 April 2021 to 31 March 2023, you can claim:
- a 130% super-deduction capital allowance on qualifying plant and machinery investments
- a 50% first year allowance for qualifying special rate assets
What’s included that you might be buying that may be eligible?
- office chairs and desks
Further information can be found in the Government’s factsheet.