There isn't much in the way of farming specific headlines coming out of the Autumn Budget, though there are some things to draw out that may be of interest.
This really was a 'no news is good news' situation, and very little has been said to get excited about. It is, however, an expected continued push in the direction of green and we might expect budgets in the near future to attract much more of our attentions.
Extension of the Annual Investment Allowance at £1m
The annual investment allowance has had its fair share of fluctuation, going down to £25,000 at the lowest point and so knowing that most capital expenditure on the average farm will be covered and fully deductible now until 2023 is great.
The 130% 'super deduction' still only exists to benefit limited companies, which is a sweetener for the planned Corporation Tax Increases. This is frustrating but there is nothing to be done about it.
Green Investment Relief
This will give business rates exemptions and reliefs in England for eligible green technologies that help to decarbonise non-domestic buildings.
Fuel Duty Held
There will be no increase in fuel duty.
Business Rates Discount
There will be a new business rates discount for companies in the retail, hospitality and leisure sectors which will benefit some diversified farm businesses.
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