Too few aware of super deduction tax relief

In a new survey conducted by auction specialist BPI Auctions, only one in eight (12%) of those questioned said they were aware of the super deduction tax break. The support runs until 31 March 2023 and enables companies to claim a 130% capital allowance on qualifying plant and machinery investments, along with a 50% first-year allowance for qualifying special rate assets. The super deduction also allows businesses to cut their taxes by up to 25p for every £1 they invest.

David Boulton, managing director at BPI Auctions, says: “The super deduction tax break is a significant support to businesses across the manufacturing and engineering sectors, especially those that have been affected most in the past two years. If you’re looking to take advantage of the relief to upgrade your plant and equipment, disposing of used or old items through online auctions is an efficient and easy way to raise funds quickly.”
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