The United Kingdom HM Revenue and Customs May 27 issued guidance on the super deduction and special rate first year allowances (FYA) for qualifying plant and machinery expenditures. The guidance includes: 1) a 130 percent super-deduction applicable to accounting periods ending before April 1, 2023; 2) a 100 percent annual deduction for investments up to 1 million British pounds (US$1.2 million) until March 31, 2023; and 3) a 50 percent FYA for special rate plant and machinery investments until March 31, 2023. [United Kingdom, Government Portal, 05/27/22]
Reference:
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