Government Super-Deduction Scheme for Qualifying Plant and Machinery
Time is running out - the asset needs to be be on site by 31 March 2023 to qualify for the Super Deduction Scheme. From 1 April 2021 until 31 March 2023, businesses investing in qualifying plant and machinery assets will benefit from up to 130% first-year capital allowance, under the Government’s Super Deduction Scheme. This scheme allows businesses to deduct the full value of qualifying assets from profits before tax and to do so in the year assets are purchased rather than over several years, therefore reducing the business’ tax liability in that year.
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