Plant and machinery - main pool - super deduction assets

This section allows for the input of expenditure incurred on which a claim to the Super deduction allowance is being made. It also allows for the input of disposals of assets on which a Super deduction allowance was previously claimed.

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Taxfiler by IRIS will automatically roll forward the information in the grid until the asset is disposed of.

Plant and machinery – main pool – super deduction – additions and disposals

  • Description – enter a brief description of the expenditure.

  • Date of expenditure – enter the date of the expenditure, which must be within the accounting period and be within 1/4/2021 and 31/3/2023. If the date does not match either of this criterion then the additions value will not appear in the Calculation tab and no allowances or charges will be brought into account.

  • Amount – enter the amount of the expenditure. Do not enter pence.

  • Date sold – enter the date of the disposal. This date should be within the accounting period.

  • Proceeds – enter the date the asset was sold which must be within the accounting period. If the date does not match this criterion, then the disposal will not be taken into account in the Calculation tab. Enter the disposal proceeds, or the market value if applicable. Be sure to limit the sale proceeds to the original acquisition cost unless the disposal is not at arm’s length.

  • Balancing charge – on the disposal of an asset on which super deduction allowances were previously claimed results in a balancing charge which is based upon the period in which the asset is disposed of, and the disposal proceeds as follows:

    • Periods that end before 1/4/2023 – 130%

    • Periods starting on or after 1/4/2023 – 100%

    • Period that straddles 31/3/2023 a factor is applied:

      1. Number of days before 1/4/2023 / total number of days in the period

      2. Multiply (a) by 0.3

      3. Add 1

The factor is then applied to the disposal proceeds.

To delete a line from the grid, select the 'trash can' icon at the end of the line.