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At the Spring Budget 2023, Jeremy Hunt announced a new relief for capital expenditure to replace the Super Deduction that came to an end at that time. The new regime was called Full Expensing and was originally announced to be... Read more
At the Spring Budget 2023, Jeremy Hunt announced a new relief for capital expenditure to replace the Super Deduction that came to an end at that time. The new regime was called Full Expensing and was originally announced to be available for a 3 year period to 31 March 2026.
Today, Hunt has announced that this end date will be scrapped so that the Full Expensing regime becomes a permanent relief.
The Government have also announced that they will launch a technical consultation on wider changes to the plant and machinery capital allowances legislation which dates back to 2001. The introduction of full expensing provides an opportunity to consider simplifying, condensing or reducing the broader legislation.
This is good news for businesses that regularly spend large amounts on plant and machinery or have an intention to do so in the future.
THE AUTHOR
Partner, Corporate Tax
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