A ‘super deduction’ on new plant and machinery announced by the Chancellor yesterday would help to reduce the tax bill on new investments by businesses by 130 percent of the total cost over the next two years.
The news has been broadly welcomed by industry, including the Petrol Retailer Association. Chairman Brian Madderson said “This scheme provides the incentive during these difficult times for fuel retailers to invest in new automated car washing facilities, new food to go or shop renovations, and chilled display cabinets. It is also an helpful first step to investment in new electric vehicle charging points to meet the projected growth in demand for EV’s”
Madderson also said that he ‘largely welcomed’ the rest of the budget speech, including a three month extension of 100 percent business rate relief which will ‘make a substantial difference to fuel retailers’.
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