The key points:
- Applies to expenditure from 1 April 2021 to 31 March 2023
- For contracts entered into after 3 March 2021
- On new expenditure or unused purchases
- 130% First Year Allowance on Plant & Machinery – Provides 24.7% cash saving
- 50% First Year allowance available on Integral Features
- No cap on claim values
Who can claim:
- Only corporate taxpayers can claim including offshore
- Landlords, owner occupiers and tenants can claim on their expenditure
- Mixed Partnerships, proportionate to the holding owned by the corporate entity
How to claim:
- Requires individual qualifying assets to be identified and valued
- Need a detailed valuation exercise on construction projects
- Area apportionments give rise to under claiming
- Must claim in the year of expenditure
- Have up to 2 years post 31 March 2023 to submit a claim