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First-year capital allowances for electric vehicles

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FST Jesse Norman has confirmed that the current 100% first year capital allowances, which are available for the purchase of electric vehicles in respect of business cars and zero emission goods vehicles, are being extended to 2025 in order to continue to incentivise the transition to zero CO2 emission vehicles, confirming the announcement made in the December 2020 Agent update. He also confirmed that there are no plans to introduce first year allowances for equipment purchased for leasing or to reintroduce first year allowances for low emission cars.

Issue: 1515
Categories: News