Can I Write Off the Balance in my Plant and Machinery Pool with Full Expensing?

Q. In his Spring Budget, the Chancellor said ‘Full Expensing’ would Apply to Plant and Machinery. Does this mean I can Write Off the Balance Brought Forward in my Plant and Machinery Pool, Which was Previously Written Down at 18% on the Reducing Balance Method?

A: The new ‘full expensing’ rules announced in the Spring Budget on 15 March 2023, only apply to new (not second-hand) assets purchased on and after 1 April 2023.



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