RE: 2023.27 Dec 2022 08:26
The levy has a new ‘super-deduction’ style relief to encourage firms to invest in oil and gas extraction in the UK.
The new 80% Investment Allowance will mean businesses will overall get a 91p tax saving for every £1 they invest – providing them with an additional, immediate incentive to invest. This nearly doubles the tax relief available and means the more investment a firm makes, the less tax they will pay.