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Royal Assent of Finance Act 2021 was granted on 10 June, bringing the extended loss carry-back, the capital allowances super-deduction and other measures into effect.
Now Royal Assent has been granted it will prompt the issue of commencement orders for provisions, including the 130% capital allowances super-deduction for companies; the Plastic Packaging Tax; penalties for late filing of tax returns; penalties for late payment of tax; and VAT late payment and repayment interest.
The government tabled amendments to the super-deduction in Finance Act 2021.
Chancellor Rishi Sunak used the 2021 Budget to announce a new capital allowance relief, to provide an increased incentive to invest in plant and machinery.
The new super-deduction allows companies investing in qualifying new plant and machinery to benefit from new first-year capital allowances.
Under the measure, a company will be allowed to claim a super-deduction providing allowances of 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances, and a first-year allowance of 50% on most new plant an machinery investments that qualify for 6% special rate writing down allowances. This relief is available between 1 April 2021 and 31 March 2023 and is not available for unincorporated businesses.
The amendments to Finance Act 2021 permit landlord lessors to claim the super-deduction. Landlord lessors were initially excluded from claiming the deduction.
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