The Spring Finance Bill 2023 was published on 23 March setting out the legislation of the temporary full expensing capital allowances and 50% integral features.
It has been confirmed that expenditure only has to be incurred between 1 April 23 and 31 March 2026, irrespective of the date of contract for the works. This means that all plant and machinery on new and unused expenditure will benefit from 100% first year tax relief (uncapped) and 50% of the integral features can be relieved in year one with the standard 6% writing down allowance applying in subsequent periods.
For second hand property acquisitions the £1,000,000 annual investment allowance offers 100% first year tax relief.