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17 November 2020general
The Government has announced that the current Annual Investment Allowance (AIA) of £1,000,000, which was due to revert back to £200,000 on 1 January 2021, will be extended for a further year to 1 January 2022.
Welcome news for businesses planning for the post-Covid future.
AIA is available to businesses on the purchase of qualifying capital expenditure and accelerates tax relief, allowing businesses to benefit from an upfront tax deduction of 100% during the period the expenditure is incurred. For companies spending in excess of the limits tax relief is generally available at 18%/6% on a reducing balance basis on additional spend.
Making the most of established tax reliefs has never been more important, if you are making significant capex investments and would like to understand more please get in touch.