Government announce 130% temporary corporation tax relief
The Government has announced that companies who invest in plant and machinery on or after the 1st of April 2021 will be able to claim within the period of investment.
"For qualifying expenditures incurred from 1st April 2021 up to and including the 31st March 2023, companies can claim in the period of investment:
a super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances
a first year allowance of 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances
The measure also temporarily amends the rules covering expenditure incurred on plant and machinery used partly in a ring fence trade in the oil and gas sector."
This temporary tax relief is a great opportunity for businesses to invest in plant or machinery, to secure an advantage for the companies future.
Orion will design and install the solution with to the highest standard. With our 24/7 support and system lifecycle we help you with every step of the process even after hand over.
Contact us today to find out how we can help you integrate your solution.
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Find out more on the Gov website here: https://www.gov.uk/government/publications/new-temporary-tax-reliefs-on-qualifying-capital-asset-investments-from-1-april-2021/new-temporary-tax-reliefs-on-qualifying-capital-asset-investments-from-1-april-2021