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.