HMRC has launched a One to Many campaign relating to the super-deduction capital allowances regime that applies for investment (by companies only) in qualifying new plant and machinery between 1 April 2021 and 31 March 2023. The letters cover the following:
Companies with accounting periods straddling 1 April 2021 are asked to check the contract dates for plant or machinery for which super-deduction claims were made noting that, where a contract was entered into before 3 March 2021 (the date of the 2021 Budget), the super-deduction is not available.
Assets which were bought and then leased out may not qualify for the super-deduction, and companies in this position are asked to check their claims and amend their company tax returns accordingly.
HMRC has launched a One to Many campaign relating to the super-deduction capital allowances regime that applies for investment (by companies only) in qualifying new plant and machinery between 1 April 2021 and 31 March 2023. The letters cover the following:
Companies with accounting periods straddling 1 April 2021 are asked to check the contract dates for plant or machinery for which super-deduction claims were made noting that, where a contract was entered into before 3 March 2021 (the date of the 2021 Budget), the super-deduction is not available.
Assets which were bought and then leased out may not qualify for the super-deduction, and companies in this position are asked to check their claims and amend their company tax returns accordingly.
