Owner-Managed Businesses

First year tax credits

Produced by Tolley
  • 19 Oct 2021 08:19

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • First year tax credits

First year tax credits

Loss-making companies will be able to surrender the losses attributable to enhanced capital allowances (100% first year allowances) on designated energy-saving or environmentally-beneficial plant and machinery in exchange for a cash payment known as a first year tax credit from the Government. However, first year tax credits have been repealed with effect from 1 April 2020. FA 2019, s 33 repeals CAA 2001, Sch A1 in its entirety.

Therefore, companies are able to claim first year tax credits in respect of qualifying expenditure incurred on or after 1 April 2008 and before 31 March 2020

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