A £1 million tax break to stimulate investment in UK manufacturing is to be extended.
Businesses, including manufacturing firms, can continue to claim up to £1 million in same-year tax relief through the Annual Investment Allowance (AIA) for capital investments in plant and machinery assets until 1 January 2022. This move is intended to boost confidence as companies look to weather the pandemic and plan for the future.
The extension of the temporary £1 million cap was originally due to revert to £200,000 on 1 January 2021.
For further information please visit the GOV.UK website.
Posted on: Wednesday 18th November 2020