The 2021 UK Budget holds some hidden surprises for business owners.

Written By Hanna Thorpe

The term “super-deduction” has been used, the idea is that companies will be able to claim a deduction from their tax bill if they invest in new plant and machinery for their business.

Under the super deduction, you are allowed a capital allowance of 130% on your qualifying plant and machinery investments.

The measure provides capital allowances for qualifying expenditure on plant and machinery incurred between 1 April 2021 and up to and including 31 March 2023.

There are a number of requirements :

  • Your business is a Limited or Public Company

  • The investment is in plant and machinery for the business (this includes, but is not limited to, refrigeration)

  • The equipment has to be new

  • This is applicable for hire purchase investments

Hanna Thorpe
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