Full expensing has arrived for companies, (well politicians are expert at full expensing). General pool plant and machinery (18% wda) incurred from 1 April 2023 to 31 March 2026 will attract 100% first year tax relief without any cap. For integral features (6% wda) this will attract 50% allowance in the first year with the balance at 6% on a reducing balance. This is positive for companies in the context of a higher 25% corporation tax rate. Keir Starmer indicated he was in favour of investment Allowances which indicates that both the main parties are in favour of generous capital allowances to stimulate investment.
Please find below the link to the Spring Budget 2023 tax fact sheet.