Annual investment allowance to remain at £1m until April 2023

October 27, 2021|In KRW Tax news|By Keith Witchell

The Chancellor confirmed that the current £1 million Annual Investment Allowance, which provides tax relief on the full cost of purchasing plant and machinery (and vans) for your business (whether new or second hand), will remain at that level through to March 2023. This is a welcome measure as it was previously due to revert to £200k from January 2022, and it applies alongside super deduction relief which gives tax relief on 130% of the purchase of qualifying new plant and equipment.

For further advice on this matter, please contact me.

Keith Witchell