First year allowances

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

First year allowances

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
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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)

  2. new and unused cars with low CO2 emissions, or electric cars

  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)

  9. plant and machinery for use primarily in an area which is a designated investment zone (companies only)

These

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