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Introduced in the recent budget, the capital allowances super deduction will provide limited companies with a 130% allowance for new main rate plant and machinery.
Limited Companies Only
Commercial Property Landlords
Owner Managed Businesses
The super deduction of 130% is available to limited companies incurring expenditure on brand new qualifying main rate plant and machinery.
The deduction will cover expenditure incurred between 1 April 2021 and 31 March 2023 and is only available to limited companies as it offsets corporation tax.
The super deduction includes expenditure incurred on “Plant and machinery” such as I.T and office equipment, warehouse and factory machinery and energy efficient installations and solar panels.
In addition to the above, flooring, kitchens & bathroom suites, fire alarms & security systems and more will qualify.
SPECIAL RATE DEDUCTION
Expenditure on ‘special rate’ items of plant and machinery will receive a first year 50% deduction with no cap on amount.
This will include cold water systems, electrical and heating installations, ventilation machinery, air conditioning units, lifts and more.
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