The new super-deduction capital allowance: no better time to invest

The new tax break offers customers looking to purchase a new Striebig vertical panel saw or upgrade their existing machine, significant tax savingss

The new super deduction tax break, announced in the March budget, has made woodworking machinery more affordable than ever. The new incentive, which has been introduced to encourage businesses to invest in “productivity-enhancing” equipment such as woodworking machinery and dust extraction systems, has the potential to save companies thousands on their tax bill.

The scheme, which will run from April 2021 to March 2023, offers a substantial increase in capital allowance. The super-deduction tax will offer a 130% first year capital allowance for qualifying plant and machinery assets and a 50% first-year allowance for qualifying special rate assets – welcome news for companies looking to benefit from the very latest machinery to enter the market. “The new tax break offers customers looking to purchase a new Striebig vertical panel saw or upgrade their existing machine, significant tax savings,” says Matt Pearce, Managing Director of TM Machinery Sales. “With the added benefit of a favourable exchange rate and super-low finance rates, woodworking machinery has never been more affordable.

“The industry has certainly been fast to react to this news: we’ve already seen a spike in enquiries for machinery sales since the announcement, specifically from those keen to introduce optimisation software into their manufacturing processes, and we expect demand for new machinery to continue to rise over the next year. After a challenging 12 months, this is great news for machinery manufacturers and the woodworking sector as a whole.”

For more information, visit www.tmmachinery.co.uk or call 01162 717 155.

COMPANY INFO
T.M. Machinery Sales Limited
49 Iliffe Avenue
Oadby
Leicester, LE2 5LH
0116 271 7155

X