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What a relief!
Key points
- Super-deductions are no longer in existence. Companies can now claim a 100% deduction on specific investments (full expensing).
- This relief is temporary until 31 March 2026.
- There is a 50% first year allowance for qualifying special rate/integral feature assets but it may be more advantageous to disapply it and instead claim the AIA up to £1m.
- Full expensing will only apply to brand new unused assets acquired before 31 March 2026.
- Consider exclusions from first year allowances per CAA 2001 s 46.
After the cessation of the super-deduction capital allowance earlier this year companies will have access to a new first year allowance (FYA) referred to as ‘full expensing’ that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments.
This relief is temporary and will end on 31 March 2026 but for...
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