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UK Government incentive for purchase of plant and machinery from the 1st April

The UK govenment have announced a temporary super deduction for companies investing is qualifying plant and machinery assets from the 1st April 2021 to 31st March 2023 For every £1 spent on qualifying main pool assets companies will be able to deduct £1.30 for corporation tax purposes, (effectively reducing their tax bill by 25p for every £1 they invest). For qualifying special rate pool assets including long life assets companies will be able to claim a 50% first year allowance. 

This appears to run alongside the annual investment allowance, (AIA) which has already been increased to £1million until the end of 2021 at which point it is set to revert to £200,000. The AIA allows 100% deduction for qualifying plant and machinery

We already have customers using the scheme for machinery purchases in April 2021

If you would like to discuss the purchase of machinery we supply we will be more than happy to assist

 


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