In a bid to stimulate business investment, promote economic growth, and aid with recovery in the wake of COVID-19, the UK government has introduced a super-deduction tax relief scheme, amongst other capital allowances. The temporary super-deduction program provides an alternative to traditional writing-down allowances. It will enable businesses to claim 130% first-year relief on qualifying plant and machinery investments between the 1st April 2021 and the 31st March 2023. Under this measure, businesses could save up to 25p in tax on every £1 they invest in eligible equipment.[1]
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Super-Deduction Tax Relief: Claim 130% Capital Allowances on Plant and Machinery
In a bid to stimulate business investment, promote economic growth, and aid with recovery in the wake of COVID-19, the UK government has introduced a super-deduction tax relief scheme, amongst other capital allowances. The temporary super-deduction program provides an alternative to traditional writing-down allowances. It will enable businesses to claim 130% first-year relief on qualifying plant and machinery investments between the 1st April 2021 and the 31st March 2023. Under this measure, businesses could save up to 25p in tax on every £1 they invest in eligible equipment.[1]
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