Super Deduction Allowances

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A guide to Super-deduction

  • From April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying plant and machinery investments.
  • Full expensing allows companies to write off the cost of investment in one go.
  • Under full expensing, for every pound a company invests, their taxes are cut by up to 25p.
  • It will ensure that the UK’s capital allowances regime is world-leading
  1. The new Capital Allowances offer

As a result of measures announced at this in the Spring 2023 Budget, businesses will now benefit from:

  • Full expensing – which offers 100% first-year relief to companies on qualifying new main rate plant and machinery investments from 1 April 2023 until 31 March 2026
  • The 50% first-year allowance (FYA) for expenditure by companies on new special rate (including long life) assets until 31 March 2026
  • The Annual Investment Allowance (AIA) providing 100% first-year relief for plant and machinery investments up to £1 million, which is available for all businesses including unincorporated businesses and most partnerships.

 

What is plant and machinery?

Most tangible capital assets, other than land, structures, and buildings, used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances.

Plant and machinery that may qualify for full expensing includes (but is not limited to):

  • machines such as computers, printers, lathes, and planers
  • office equipment such as desks and chairs
  • vehicles such as vans, lorries, and tractors (but not cars)
  • warehousing equipment such as forklift trucks, pallet trucks, shelving, and stackers
  • tools such as ladders and drills
  • construction equipment such as excavators, compactors, and bulldozers
  • some fixtures such as kitchen and bathroom fittings and fire alarm systems in non-residential property.

You can contact us to learn more. Alternatively, you can view the government factsheet by clicking on the button below.

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