UK government extends £1 million tax break
A £1 million tax break to stimulate investment in UK manufacturing,
to support business confidence, is to be extended, HM Treasury has announced today.
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. The extension of the temporary £1 million cap was originally due to revert to £200,000 on 1 January 2021.
For information today, HM Treasury released a press notice
on Kickstart which features a comment from British Chambers Director of Policy. The British Chambers also feature in a BBC article
published this morning with the key message that the application process needs to be simplified.
We will continue to keep you updated on the Kickstart Scheme and details of our upcoming event on 19 November can be found here