Transcription of Super-deduction and other first-year allowances
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Super-deduction and other first-year allowances
Super-deduction and other first-year allowances Contents Clause 1: Super-deductions and other temporary first-year allowances .. 1 Clause 2: Further provision about super-deductions etc .. 4 Clause 3: Reduced Super-deduction .. 6 Clause 4: Disposal of assets where Super-deduction made .. 8 Clause 5: Disposal of assets where SR allowance made .. 10 Clause 6: Counteraction where arrangements are contrived etc .. 12 FINANCE (No. 2) BILL CLAUSE 1 Clause 1: Super-deductions and other temporary first-year allowances Summary clause introduces new temporary first-year allowances , including a 130% Super-deduction for expenditure that would normally qualify for main rate writing downallowances and a 50% first-year allowance for special rate expenditure, withexpenditure subject to certain exclusions.
to Corporation Tax incurs qualifying expenditure for the super-deduction in a chargeable period that ends on or after 1 April 2023. 3. Subsection 2 provides that (in the circumstances detailed in subsection (1)), the 130% rate of relief at 1(1)(b) is substituted by the relevant percentage, which is defined at subsection (5). 4.
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