The government has announced that the rate of diverted profits tax will increase from April 2023. The following is an extract from the HM Treasury document CP751, entitled Autumn Statement 2022 (para. 5.37):
“The government will legislate in Spring Finance Bill 2023 to extend the 100% First Year Allowance for electric vehicle chargepoints to 31 March 2025 for corporation tax purposes and 5 April 2025 for income tax purposes. This will ensure that the tax system continues to incentivise business investment in charging infrastructure.”
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Full reference is made throughout to legislation, case law and HMRC guidance.