Guidance

Full expensing

An introduction to full expensing and the UK's capital allowances regime

From:
HM Treasury
Published
15 March 2023
Last updated
30 January 2024 — See all updates

Documents

Spring Budget 2023 – Full expensing

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Terms of Reference: HMT-HMRC Capital Allowances and Leasing working group

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Autumn Statement 2023 – Permanent full expensing – technical consultation

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Details

A new 100% first-year capital allowance for qualifying plant and machinery assets, and a 50% first-year allowance for qualifying special rate assets.

Updates to this page

Published 15 March 2023
Last updated 30 January 2024 + show all updates

  1. Autumn Statement 2023 – Permanent full expensing – technical consultation updated to reflect the government's announcement of the technical consultation at Autumn Statement 2023

  2. Sections 1 and 3 of the Terms of Reference: HMT-HMRC Capital Allowances and Leasing working group were updated in January 2024 to reflect the government’s announcement on this policy question at Autumn Statement 2023

  3. Autumn Statement 2023 - Permanent full expensing - technical consultation added

  4. HMT/HMRC Leasing Working Group Terms of Reference added

  5. First published.

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