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first-year allowance


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In the UK, a special capital allowance against corporation tax that is granted in the year of purchase of an asset in place of the standard writing-down allowance of 25%. Various first-year allowances, often targeted at smaller businesses wishing to invest in new technology, have been made available at various times. From April 2008 all existing first-year allowances were replaced by an Annual Investment Allowance of £50,000.

Subjects: Financial Institutions and Services — Accounting.


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