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First year allowances


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
tag-icon Spring Budget 2024

First year allowances


Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
tag-icon Spring Budget 2024
imgtext

First year allowances (FYAs) are available on the following items:

  1. •

    first-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as ‘full expensing’) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were originally intended to end on 31 March 2026 but as announced at the Autumn Statement 2023 they will now be permanent

  2. •

    new and unused cars with low CO2 emissions, or car is electric

  3. •

    new and unused zero-emission goods vehicles

  4. •

    new electric vehicle charging points

  5. •

    gas refuelling stations

  6. •

    expenditure on new plant or machinery which qualifies as a special rate asset and is incurred on or after 1 April 2021 and before 1 April 2023 (companies only), see the Super-deduction and special rate first year allowance guidance note

  7. •

    plant and machinery for use primarily in an area which is a designated assisted area in an enterprise zone (companies only)

  8. •

    plant and machinery for use primarily in an area which is a designated tax site in a freeport (companies only)

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  • 28 Jun 2024 14:00

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