The news in the Budget issued recently was very good for all us plant and machinery and lovers!
Chancellor Rishi Sunak has announced a new 130% super-deduction capital allowance for businesses investing in qualifying plant and machinery. This is on top of a 50% first-year allowance for qualifying special rate assets, in the biggest business tax cut in modern times.
The move is welcomed here at Robustrack and we’re really excited for customers who can take advantage of this incentive. The new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment.
These are the important dates to know: The allowance period runs from 1st April 2021 until 31st March 2023.
The Robustrack team has worked hard to get fully stocked up so our customers can maximise on the opportunity.
“Business investment creates jobs, lifts growth, spurs innovation and drives productivity. For decades we’ve lagged behind our international peers. Right now, while many businesses are struggling, others have been able to build up significant cash reserves. We need to unlock that investment; we need an investment-led recovery. So today I can announce the ‘super deduction’.”
“Under the existing rules, a construction firm buying £10 million of new equipment could reduce their taxable income in the year they invest by £2.6 million. With the super deduction they can now reduce it by £13 million. We’ve never tried this before in our country… bold, unprecedented action to get companies investing, creating jobs and driving our economic recovery.”
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