To support the post-COVID-19 pandemic economic recovery, on 3 March 2021, The UK Chancellor, Rishi Sunak, announced the £25 billion tax break to boost business investment by providing a reduction of up to 25p for every pound of qualifying spending on plant and machinery. This Super Deduction aims to ensure the UK remains one of the most competitive markets.
Super-Deduction Legislation (published on 3 March 2021) states plant and machinery investment incurred under “a hire purchase or similar contract” have to fulfil “additional conditions” to be eligible for the super-deduction.
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