Rishi Sunak recently announced new temporary tax reliefs on qualifying capital investments, making it the perfect time to invest in a new Vapormatt wet-blasting system.
Here's a short summary of the measures taken from the Govt. website:
This measure will temporarily introduce increased reliefs for expenditure on plant and machinery. For qualifying expenditures incurred from 1 April 2021 up to and including 31 March 2023, companies can claim in the period of investment:
- A super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances.
- A first year allowance of 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing down allowances.
You can find more details of the measures on the Govt. website.