HM Treasury has published a Factsheet to help businesses to better understand the Super-deduction tax relief announced by the Chancellor Rishi Sunak in the March Spring Budget.
The three-page Factsheet has been published alongside other sector-specific guidance on the BVRLA website to help provide some much-needed clarity to members.
The new Super-deduction allows companies to claim 130% in-year relief for main rate capital expenditure on plant and machinery and 50% in-year relief for special rate capital expenditure from 1 April 2021 to 31 March 2023.
The BVRLA is disappointed that operating leases and second-hand assets, including cars, are not eligible and will continue to work with members and other industry bodies to lobby Government on this matter.
Information about the Super-deduction was published by HMRC earlier this month: New temporary tax reliefs on qualifying capital asset investments from 1 April 2021.
