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In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas.
The main tax and customs duty advantages of locating in a designated freeport area.
Many businesses may have been too short of cash to take advantage of the new super-deduction for investing in new plant in 2021 but may be more confident about investing in 2022.
Second hand plant and machinery does not qualify for the 130% super-deduction but would still qualify for the 100% Annual Investment Allowance (AIA).
At this time of year, we think about New Year’s resolutions.
In the run up to the Autumn Budget many were predicting that the chancellor might announce restrictions to pension tax relief.
Top of the new year to do list for many individuals is to make or update their will.
If your tax payment due on 31 January is more than you expected there is still time to reduce the liability if you are prepared to take a risk.
January/ February 2022