HM Treasury (HMT) has published a factsheet covering the new super-deduction announced in the 2021 Budget, which will allow companies to cut their tax bill by up to 25p for every £1 they invest in qualifying assets.
Broadly, between April 2021 and 31 March 2023, companies investing in qualifying new plant and machinery assets will be able to claim:
- a 130% super-deduction capital allowance on qualifying plant and machinery investments; and
- a 50% first-year allowance for qualifying special rate assets.
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