Permanent 100% Upfront Tax Deduction

Posted by Hyundai Power Products on 24th Nov 2023

Hyundai Power Products / Category Business & Finace / Published: Nov-24-2023

Tax Relief on Hyundai Power Equipment, Plant and Machinery Expenditure

In a recent announcement during the autumn statement, Chancellor Jeremy Hunt shared groundbreaking news that promises to benefit businesses across the UK, particularly small enterprises. The highlight of this announcement is the permanent extension of the 100% upfront tax deduction for capital expenditure on plant and machinery, providing stability and certainty for businesses looking to invest in essential equipment, particularly those eyeing Hyundai Power Equipment 's range for business use, including generators, space heaters, dumpers, air compressore and more!


100% Upfront Tax Deduction is Now Permanent

A Permanent Fixture Previously scheduled to conclude on 31 March 2026, the scheme for full expensing – a 100% first-year allowance – is now a permanent feature. This means businesses can claim a complete deduction on most plant and machinery expenditures, with a 50% first-year allowance extended to certain 'long-life' capital assets. Importantly, there is no cap on the amount of expenditure qualifying for relief, offering businesses unprecedented financial flexibility.

Tax expert Eloise Walker of Pinsent Mason, highlighted the positive impact of this decision on businesses buying power machinery and equipment, stating, "Companies can only be happy to see a permanent 100% capital expenditure deduction – so this is a good news story for business." The permanence of this relief is particularly beneficial for businesses planning significant capital investments, as it eliminates the time-sensitive nature of the previous scheme. Stability and certainty in the tax relief framework are expected to encourage increased capital investment across the UK.

Consultation on Capital Allowances Regime

Chancellor Hunt also announced a comprehensive consultation on the capital allowances regime, aiming to simplify the current system. The consultation will begin in January 2024, with the focus on reviewing capital allowances for plant and machinery. This move is expected to introduce broader changes, enhancing the overall environment for businesses.

Tax Relief and Capital Expenditure Hyundai Power Equipment In Focus

The extended tax relief significantly benefits businesses engaging in capital expenditure. Hyundai Power Equipment's diverse range, including generators, space heaters, garden machinery, and power tools, becomes more attractive for investment.The 100% upfront tax deduction adds a new dimension to relief mechanisms, making the business environment more favorable for capital investments.

Extended Benefits for Freeports and Investment Zones

Freeport tax reliefs in England will continue until September 2031, with similar extensions in Scotland and Wales.Investment zones will also see an extension of tax reliefs from 5 to 10 years, offering enhanced benefits for special tax sites.


Businesses can benefit from tax-deductible advantages for power equipment, including space heaters, air compressors, tools and constuction equipment, generators and much more.

With the autumn anouncements, it is a great time to invest in the machinery and tools your business needs.

Discover quality products for your professional and business purposes from Hyundai Power Equipment.

Empowering Small Businesses with Hyundai Power Equipment

Small businesses, in particular, stand to gain from these extended tax incentives. The commitment to fostering economic growth is evident, providing financial support for investments in essential machinery.

Now is an ideal time for businesses to explore tax-deductible generators and other power equipment from Hyundai, contributing to the nation's economic prosperity.