BUDGET 2021: ‘SUPER DEDUCTION’ APPLAUDED BY PRA

Brain Madderson

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.

READ: PRA CALLS FOR RATE RELIEF EXTENSION

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’.

For the latest news and analysis from around the aftermarket, sign up to the CAT eNewsletter today

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

CAT Awards networking lunch 2022: Nominations open!

Nominate the best in the industry today

Read More

MOT EXTENSION LEAD TO GARAGES BORROWING FUNDS

A report from a London-based lender has found that funding requests from MOT stations are up by 35% compared with pre-pandemic levels

Read More

People News: Steve Padbury awarded NGK Sales Performer of the Year

Recently retired Padbury scoops prize for FY 2020

Read More

Supplier Update: Rossmore Lubricants to distribute Gulf range

Firm to become sole importer and distributor of the famous blue and orange brand throughout UK and Ireland

Read More

Supplier update: Trico in at Parts For Machines

New heavy machinery parts distributor secures supply contract with wiper firm

Read More

Go to comments

Your email address will not be published. Required fields are marked *