As part of the Budget last week, chancellor Rishi Sunak unveiled a ’super-deduction’ allowance to provide relief for certain businesses – but what does it mean for retail?
The super-deduction scheme will come into effect on April 1 and last until the end of March 2023.
Created to incentivise business investment, the programme offers those investing in qualifying new plant and machinery assets a 130% first-year capital allowance.
This means companies will be able to offset the full cost of any new equipment – for example in factories or warehouses, which many retailers are investing in as they build online operations – against tax, plus an additional 30%, if they invest in the next two years.
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