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Claritax News

Capital allowances – super-deduction – adjustments cancelled – Autumn statement

28 Nov 2022

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.”

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118417/CCS1022065440-001_SECURE_HMT_Autumn_Statement_November_2022_Web_accessible__1_.pdf

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