100% full expensing for plant and machinery assets
As previously confirmed, the 'super deduction' for main rate capital allowances will come to an end on 31 March 2023. In its place, from 1 April 2023 to 31 March 2026, companies will now be able to claim a 100% in-year relief for any capital expenditure on plant and machinery known as 'full expensing'. To qualify for this relief, the plant and machinery additions must be new and unused. The relief will not be available on cars, or assets purchased to lease to someone else.
In addition, companies investing in special rate assets (including long life assets but excluding leases, second-hand assets and cars) will also benefit from a 50% first-year allowance during this three-year period.
Electric vehicle charge points: First year allowance
The first year allowance available for electric vehicle charge points will be available for a further two years i.e. to 31 March 2025.