As often happens, the Chancellor has used the capital allowances system to encourage businesses to invest. The Annual Investment Allowance (AIA) gives a 100% tax deduction for capital expenditure (as opposed to the 18% or 8% deductions under the “normal” capital allowances scheme). In recent years the AIA has been reduced and now stands at £25,000 per year. From 1 January 2013 the AIA will be increased tenfold to £250,000, the highest level since its introduction in 2008.
This increase is only intended to be temporary and lasts for just two years so the Chancellor is clearly hoping that businesses will take the opportunity to accelerate £500,000 of capital expenditure before the end of 2014. While many businesses will not be able to fully benefit from this increased allowance, it may be possible in many cases to bring forward capital expenditure so that it falls before 1 January 2015 giving a much accelerated tax benefit and do not forget to consider delays only planned until 1st July 2013.
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