AFP webinar to explore super deduction for EV charging equipment
HMRC’s new 130% super deduction and its implications for EV charging equipment is to come under focus at a webinar next month.
Hosted by the Association of Fleet Professionals, the ‘Tax and the Company Car’ event takes place from 9:30am on Wednesday 14 April and is open to anyone who would like to attend.
The webinar will include an examination of the possibilities resulting from the new 130% super deduction, exploring the implications for commercial vehicles, plant and charging equipment installed at homes and offices.
Announced in the 2021 Budget, the temporary super deduction applies for investment in plant and machinery made from 1 April 2021 to 31 March 2023 and means companies will be able to claim a 130% super deduction capital allowance on qualifying plant and machinery investments that normally get the 18% main rate writing-down allowances. It also gives a first-year allowance of 50% on most new plant and machinery investments that ordinarily qualify for 6% special rate writing-down allowances.
It’s been confirmed to apply for commercial vehicles; however, its application for charging equipment including grid connections is still hazy and the webinar will shed further light on it.
Chair Paul Hollick explained: “We’re going to spend quite a lot of time providing as much clarification as possible around the 130% super deduction. This is creating substantial interest among fleets but the picture remains far from clear and we hope to be able to provide more detail.”
The webinar also includes a main session featuring David Chandler and Harvey Perkins from HRUX providing general advice on year-end taxation and company cars, covering P87s, P11Ds, Benefit-in-Kind and employee car ownership schemes.
The session will also launch the AFP’s new ‘Tax Manifesto’ document outlining to the Government where fleet and mobility taxation needs overhauling; it features around a dozen areas that will form the basis of the AFP’s future campaigning.
The ‘Tax and the Company Car’ webinar is expected to last around 60 minutes including a question and answer session. For more details and to register, click here. The AFP Tax Manifesto will be made available publicly as soon as the webinar finishes.