The capital allowance super-deduction was announced in the Budget on 3 March 2021; dealers can benefit from it, but there are areas they should consider.
At his recent Budget statement the Chancellor announced that from 1 April 2021 until 31 March 2023, companies investing in qualifying new plant and machinery assets will benefit from a 130% first-year capital allowance. Investing companies will also benefit from a 50% first-year allowance for qualifying special rate (including long life) assets.
MHA, in conjunction with NFDA, has prepared guidance for dealers including a summary of the new capital allowance reliefs, things dealers should be mindful of, what types of investments qualify and aspects dealers should consider when making a claim.
Visit the NFDA website for a summary of the additional measures announced at the Budget.