Full expensing relief for capital purchases made permanent
Originally unveiled in this year’s Spring Budget as a 3-year temporary measure, Full Expensing Relief allows companies buying new plant and machinery to get (up to) 25% Corporation Tax relief on the amount spent, with no upper cap, and it was announced earlier today that this tax relief will be made permanent. With the Annual Investment Allowance set to reduce from £1m to £200k pa from April 2024, this will greatly benefit businesses and groups spending over £200k pa on new kit.
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