AIA extended to stimulate investment in UK manufacturing
A £1 million tax break to stimulate investment in UK manufacturing, known as the Annual Investment Allowance (AIA), is to be extended until 1 January 2022.
Businesses, including manufacturing firms, can continue to claim up to £1 million in same-year tax relief through the Annual Investment Allowance (AIA) for capital investments in plant and machinery assets until 1 January 2022. The extension of the temporary £1 million cap was originally due to revert to £200,000 on 1 January 2021.
This move is intended to boost confidence as companies look to weather the pandemic and plan for the future, , HM Treasury said.
UKFT is a proud champion of the UK manufacturing sector working with manufacturing members from central London to rural Scotland, running projects to support growth and innovation, promoting and matchmaking businesses and ensuring that the next generation of skilled people entering the sector are being trained to the highest level.