A £1 million tax break to stimulate investment in UK manufacturing, to support business confidence, is to be extended, HM Treasury has announced.
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. This move is intended to boost confidence as companies look to weather the pandemic and plan for the future. Financial Secretary to the Treasury Jesse Norman said: It is vital that we support business through the difficult months ahead. Extending the Annual Investment Allowance’s £1 million cap will give businesses the confidence they need to invest into next year, helping them to grow whilst benefitting the wider economy too.
12/11/2020
View all >
17/08/2026
Trade body calls for Prime Minister to drop tourist tax plans
Trade body UK Hospitality has urged Prime Minister Andy Burnham to shelve plans to expand the so-called ‘tourist tax’ across the UK.
READ MORE
HMRC updates guidance on reduced VAT rate for summer holidays
HMRC has updated its guidance on the temporary reduced rate of VAT applicable to children’s meals, family attractions and tickets.
Recruitment of permanent staff stops falling for first time in four years
Analysis carried out by the Recruitment and Employment Confederation (REC) has revealed that recruitment of permanent staff stopped falling in July for the first time in almost four years.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.