Corporation Tax Super-Deduction
In order to increase business investment, the Government has introduced a 130% super-deduction on capital allowances that can be offset against any corporation tax charges.
Any qualifying expenditure incurred between 1 April 2021 until 31 March 2023 can apply this deduction.
What this means is that for any £1 spent, the corporation tax charge is reduced by 25p – as apposed to 19p under the current corporation tax rate of 19%.
For further details and to determine what’s included, please contact Wettone Matthews or reference the factsheet below.