First year tax credits

By Tolley

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

  • 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.

CAA 2001, Sch A1

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 2023.

Eligible losses are those from a trade, an ordinary property business, an overseas property business, a furnished holiday lettings business or from managing the investments of an investment business.

For chargeable p

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