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Key points
- Will business uncertainty put a brake on capital spending by businesses?
- The annual investment allowance is set to reduce from £1m to £200 000 from 1 January 2022.
- Transitional rules apply to straddling periods of account.
- Delaying a purchase of qualifying assets can lead to a loss of immediate tax relief.
- Further delays to a following chargeable period may be beneficial.
- Advisers should ensure that business clients are aware of the reduction in relief.
After many months of the Covid-19 pandemic it seems to be accepted that we are living in strange times and tax as well as the wider world is to put it mildly in a state of flux. Since the start of the outbreak and particularly in tax and business support measures the ink hardly seems dry on one initiative than it is overtaken by events and replaced....
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