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The end of the road
Key points
- There have been a number of extensions to the £1m annual investment allowance (AIA).
- Legislation differentiates between the ‘first’ and ‘second’ straddling periods.
- The assumption of a universal and seamless transition to the uplifted permanent AIA limit is not supported by the relevant legislation.
- With careful planning it may be possible for a business to have usable AIA availability of a full £1m for its second straddling period.
In his Autumn Budget in October 2021 Rishi Sunak (then chancellor of the exchequer) announced that the temporary increase in the annual investment allowance (AIA) to £1m would be extended to 31 March 2023. That built on his previous extension until 31 December 2021 of what Philip Hammond had announced back in October 2018 as a temporarily increased AIA for just the two calendar years from 1 January 2019 to 31 December 2020. By the time we reach 31 March...
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