UK and International Tax news
Annual Investment Allowance Cap To Be Extended Until 1 January 2022
Tuesday 24th November 2020
The Financial Secretary to the Treasury has recently announced that businesses can continue to claim up to £1m per year in capital allowances through the Annual Investment Allowance for capital investments in plant and machinery assets until 1 January 2022. The extension of the temporary £1m cap was originally due to revert to £200,000 on 1 January 2021.
This move is intended to boost confidence as companies look to weather the pandemic and plan for the future.
If you would like more information on the above, please contact Keith Rushen on 0207 486 2378.