New temporary tax reliefs on qualifying capital asset investments
SUPER-DEDUCTION PROVIDING ALLOWANCES OF 130% ON NEW PLANT AND MACHINERY
Chancellor Rishi Sunak at the Budget on 3 March 2021 announced additional capital allowances by way of a new super-deduction (130%) to encourage capital spend by companies over the next two years.
Who can claim the super-deduction and first year allowance (FYA)?
• These new allowances only apply to companies who pay corporation tax.
What level of super-deduction allowance can be claimed?
• Companies can claim a super-deduction by writing off 130% of expenditure on new/unused equipment from 1 April 2021 for two years.
What type of asset will qualify for the super-deduction of 130%?
• The kinds of assets that may qualify but are not limited to are: Solar Panels, computer equipment, refrigeration units, compressors, and foundry equipment.
What Hadron products will qualify for the super-deduction of 130%?
Roots Type Blowers/Packages
Side Channel Blowers
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