New machinery and technology March Budget

A continued tax incentive for businesses to invest capital expenditure (Capex) in assets, such as machinery, vehicles and technology, for their companies to follow on from the Super Deduction tax relief that ends on March 31st is a big boost for businesses. Pre-2021 and the Super Deduction tax relief, companies could offset 18% of spending on new assets for their business against their profit for corporation tax. Having 100% relief for an extended period of 3 years now adds exactly what a business needs to plan investment, namely certainty and an incentive. Assets drive productivity and growth so this is a real shot in the arm for the UK economy to continue to target a sustainable platform for growth.