New Forest

10/05/2022

Super-deduction for equipment runs for one more year

The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023. Many companies recovering from the coronavirus pandemic have not had the resources to commit thus far and the war in Ukraine may have made them reluctant to invest until the political and economic situation stabilises. Thankfully the special tax relief announced in the Spring 2021 Budget will be available for expenditure up until 31 March 2023 potentially saving £247 for every £1,000 invested in new equipment.

It is hoped that the current £1 million Annual Investment Allowance (AIA) will continue to be held at that level once the super-deduction ends, but as it is currently scheduled to drop to £200,000 from April 2023, it may be advantageous to accelerate plans for capital expenditure. Note that the AIA is available to unincorporated businesses as well as limited companies, and for second hand as well as new equipment.

For more information on this, please contact Alan Rolfe on 023 8046 1235.

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