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<p>Budget 2021 announced that from 1 April 2021 until 31 March 2023, companies investing
in qualifying new plant and machinery assets will benefit from both the 130% super-deduction
and a 50% first-year capital allowance.</p><p> </p><p>Expenditure on qualifying plant
and machinery capital investments used by a company in the course of a trade can qualify
for the relevant first-year allowance, including fibre cables. Software can also qualify
for the super-deduction, provided the company makes an election to remove software
from the intangible fixed assets regime. Expenditure on the learning and development
of staff does not qualify for the super-deduction but is already an allowable expense
for tax purposes.</p>
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