Companies considering the acquisition of new plant and machinery need to be aware that the temporary ‘super deduction’ of up to 130% for the cost of acquiring new plant ends on 31 March 2023.
Consequently, corporate businesses may wish to bring forward planned expenditures to take advantage of this enhanced tax deduction, utilising a loan if funds are otherwise unavailable.
It should be noted that the plant and equipment must be new and not second-hand. Also, it must be delivered, installed and in use by 31 March 2023.
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January 30th, 2023
