Full expensing and 50% first-year allowance

Only companies can claim full expensing and the 50% first-year allowance.

You can claim them against the cost of certain plant and machinery. It must:

  • have been bought from 1 April 2023
  • be new and unused

You cannot claim both allowances against the same expenditure.

What you can get

Full expensing lets you deduct 100% of the cost of qualifying plant and machinery from your profits before tax in the year it was bought.

The 50% first-year allowance lets you deduct 50% of the cost from your profits before tax in the year it was bought.

Check if you can claim

Check if you can claim the full expensing or 50% first-year allowance.

You can claim on your Company Tax Return.