The allowance for business’s vehicle electric charge points has been extended.
From April 1, the first-year allowance (FYA) for businesses installing electric charge points at their premises has been extended until 2023.
Introduced in November 2016, the measure is designed to support the transition to cleaner vehicles with zero or ultra-low emissions in an aim to improve air quality in the UK by supporting the development and installation of charging equipment.
The announcement will mean that the current 100% FYA will now expire on 31 March 2023 for Corporation Tax purposes and 5 April 2023 for Income Tax purposes.
The measure will also complement the 100% FYA for expenditure on cars with low carbon dioxide emissions and the other 100% FYA for expenditure on zero-emission goods vehicles.
If you are currently considering purchasing an electric car or fleet for your business and are looking at your finance options, give us a call on 0115 958 6872, email firstname.lastname@example.org or fill in an enquiry form.