The Annual Investment £1million cap has been extended to 01 January 2022 (originally due to revert to £200K on 01 January 2021).
HMRC has extended the £1million Annual Investment Allowance to boost confidence as companies look to weather the pandemic and plan for the future. This means that business including manufacturing firms can continue to claim up to £1m in same year tax relief for capital investments in plant and machinery.
To discuss your own situation please contact Angela Keery, Tax Director by email angelakeery@bakertillymm.co.uk or Tel: 028 9032 3466.