As the main corporation tax rate is indeed going up to 25% from April 2023, the government has confirmed that previously announced technical adjustments will not now be needed. The following is an extract from the HM Treasury document CP751, entitled Autumn Statement 2022 (para. 5.51):
“As the main rate of Corporation Tax will increase, previously proposed technical changes to the related capital allowance super-deduction rules are no longer required.”
Related content from Claritax Books
Capital Allowances, by Ray Chidell and Jake Iles, offers in-depth coverage of plant and machinery allowances, structures and buildings allowances, and all other UK capital allowances. The book has very detailed and practical guidance on claiming allowances for fixtures in property that is bought or constructed.
Full reference is made throughout to legislation, case law and HMRC guidance.
