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Tax Rates & Allowances

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Capital Allowances

  2022/2023 2023/2024 2024/2025
   
Main rate pool: writing down allowance 18% 18% 18%
Main rate pool: Full expensing N/A N/A N/A
Main rate pool: Super deductions 130% 130% N/A
Single asset pools Super deductions N/A N/A 6% or 18%
Special rate pool (long life assets, integral features): writing down allowance 6% 6% 6%
Special rate pool: Full expensing N/A 50% 50%
Special rate pool: Super deductions 50% 50% 50%
Annual Investment Allowance (AIA) cap: £1,000,000 £1,000,000 £1,000,000
Structures and Buildings Allowance 3% 3% 3%

The AIA allows businesses to invest in equipment and fixtures (cars and buildings don't qualify), with 100% tax relief in the year of purchase.

The AIA cap has been permanently set at £1,000,000. If the accounting period is shorter or longer than 12-months the AIA cap is apportioned based on the length of the period.

Super deductions and full expensing can only be claimed by companies subject to corporation tax. Where either of these reliefs are claimed the items must not be pooled. When an items for which the super deduction or full expensing has been claimed is sold, it can result in a balancing charge.

Super deductions cannot be claimed for plant and machinery which is bought to be leased to another party unless it is back ground plant and machinery in leased buildings.

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