United Kingdom Tax Agency Updates Guidance on Super Deduction & More News Here

Daily Tax Report: International

June 2, 2022, 5:00 AM

The United Kingdom HM Revenue and Customs May 27 issued steering on the tremendous deduction and particular fee first 12 months allowances (FYA) for qualifying plant and equipment expenditures. The steering consists of: 1) a 130 p.c super-deduction relevant to accounting durations ending earlier than April 1, 2023; 2) a one hundred pc annual deduction for investments as much as 1 million British kilos (US$1.2 million) till March 31, 2023; and three) a 50 p.c FYA for particular fee plant and equipment investments till March 31, 2023. [United Kingdom, Government Portal, 05/27/22]

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