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The Annual Investment Allowance (AIA) lets the business deduct the cost of certain assets from their taxable profits. This means, in theory, that companies can deduct up to £1m from their taxable profits, saving a substantial amount of money as long as they have invested the money in qualifying expenditure.
The Annual Investment Allowance increase to £1m per annum has been extended to 31 March 2023. This is a significant boost to businesses looking to invest in capital equipment.
The AIA amount has changed several times since 2008. If the AIA amount changed during the period you are claiming for, you would need to adjust the amount you can claim. Visit the Government website for more information about AIA.
Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances.
For specific tax advice, please speak to your accountant.
At Lombard, lending is all we do, and we’ve been doing it for over 150 years. We are here to support your business with the Annual Investment Allowance. We provide asset finance for firms of all sizes, from small family concerns to large commercial enterprises and across sectors, from manufacturing to renewable energy, technology, agriculture and vehicles and fleets