The Fork Lift Truck Association has welcomed news – in the Chancellor’s Autumn Statement – of a temporary tenfold increase in companies’ Annual Investment Allowance.
From 1st January 2013, for a period of two years, the limit of this relief from Corporation Tax will increase from £25,000 to £250,000. It means that 100 per cent tax relief will apply to capital spending, up to that amount, on eligible items including tools, equipment, plant and machinery.
The change comes as part of a package which the Chancellor, George Osborne, believes will encourage growth. There will also be a general reduction of 1% in Corporation Tax from April 2014.
FLTA Chief Executive Peter Harvey says: "This is certainly good news for the materials handling industry. Despite difficult economic circumstances our sector is continuing to recover – and in fact there are signs that we are actually outperforming other industries in this respect. Anything that encourages further investment will be another boost to that recovery."
The industry’s upbeat mood is sure to be reflected at the FLTA Annual Awards for Excellence, on Saturday 16th February 2013, when achievements of the past 12 months will be highlighted. Tickets for the event, at the Hilton Birmingham Metropole, are now on sale via the FLTA website.
The Fork Lift Truck Association is the UK’s independent authority on fork lift trucks. For more information, please visit www.fork-truck.org.uk or call 01635 277577.