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Spring Statement 2022 – Real Estate & Construction Update
“Today, (Wednesday 23 March 2022) the Chancellor, Rishi Sunak MP, made his Spring Statement. The main sentiment was “Jam Tomorrow!"
“A rather superficial Spring Statement – from a business perspective - with promises on future tax reforms to support growth, investment and innovation. Some changes around VAT, business rates on alternative energy as well as reform of capital allowances & R&D tax relief over, what may now become a busy summer! We look forward to the consultation period and urge Government to use this opportunity to set out realistic medium and longer term changes and move away from frequent chopping and changing rates and reliefs – so that business can see the changes as true incentives to investment.” - Alun Oliver, E³ Consulting Managing Director.
Today, (Wednesday 23 March 2022) the Chancellor, Rishi Sunak MP, made his 2022 Spring Statement. Announcing various fiscal incentives to help boost growth, investment and productivity of the UK economy. Whilst cutting income tax, reducing fuel duty and boosting the thresholds for NI will reduce (slightly) family living expenses – it was mainly “Jam Tomorrow!"
Further details are expected over the next few days. Herewith we draw upon the ‘HM Government Spring Statement’ details summarised below. This summary focuses on the key tax, property and construction changes and does not cover all aspects:
2.21 To support businesses to invest and grow, the temporary £1 million level of the Annual Investment Allowance has been extended to 31 March 2023. This is the highest level of support for capital expenditure ever provided through the Annual Investment Allowance and provides generous relief for investment across over a million SMEs. The government is also helping firms to adopt new digital technologies, with Help to Grow: Digital, offering eligible SMEs a 50% discount on approved software worth up to £5,000.
2.22 To support the decarbonisation of non-domestic buildings, the government is introducing targeted business rates exemptions for eligible plant and machinery used in onsite renewable energy generation and storage, and a 100% relief for eligible low-carbon heat networks with their own rates bill. Spring Statement announces that these measures will now take effect from April 2022, a year earlier than previously planned.
4.26 Capital allowances allow businesses to write-off their costs of qualifying capital vestments against their taxable profits over time. The extent and rate of write-off can impact business investment decisions.
4.27 In March 2021, the government announced the super-deduction – temporary enhanced first year capital allowances that will end in April 2023. It is the biggest two-year business tax cut in modern British history, announced in extraordinary circumstances, according to OBR Policy Measures Database.
4.28 Ahead of April 2023, the government is considering reforms to best support future business investment. The super-deduction is expected to cost around £10billion a year at its peak. The government’s priorities are to ensure that any future support aligns with the government’s fiscal objectives and that taxpayer money is effectively targeted. As part of this the government will look at how reforms could best support economic growth, and ensure the UK remains a competitive place to invest.
To read the full article please download the pdf here, thanks.
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HM Government Spring Statement