16 June 2022
130% tax deduction currently available for organisations that invest in equipment including fittings in their buildings.
Note from Karl Mansfield, External Communications Manager at Waterplus (who spoke today at our OIF - 16th June 2022):
There’s a big 130% tax deduction currently available for organisations that invest in equipment including fittings in their buildings.
The 130% super tax deduction for investing in plant and machinery runs to March 2023, further information at: https://www.gov.uk/guidance/super-deduction . There is a FAQ document on this website page which says most tangible capital assets used in the course of a business are considered plant and machinery for the purposes of claiming capital allowances.
And Technical manual at: https://www.gov.uk/hmrc-internal-manuals/capital-allowances-manual/ca23161 . This information was last updated May 2022, according to the Government website.
This super-deduction will encourage firms to invest in productivity-enhancing plant and machinery assets that will help them grow, and to make those investments now.
You can check out Karl's presentation from the OIF and the other speaker talks here: General Content - BASA
Written by: RW