There’s good news for farmers, the agricultural sector and rural businesses, with changes to the Annual Investment Allowance plus the introduction of a new Local Restrictions Support Grant to help those affected by the recent Covid restrictions.
Annual Investment Allowance extended to 1st January 2022
The government has announced that the £1 million Annual Investment Allowance (AIA) has been extended to 1st January 2022.
The AIA for businesses was due to revert back to £200,000 on the 1 January 2021. But his has been extended to boost confidence and help businesses that need to defer significant investment decisions due to the uncertainty caused by Covid, and will allow more time for capital investment plans.
Local Restrictions Support Grant and Additional Restrictions Grant
The government has brought in a new grant for businesses that have had to close due to the Covid lockdown restrictions imposed at the start of November.
Businesses eligible for the Local Restrictions Support Grant will receive up to £3,000 to cover the closure period. Grants are based on the rateable value of the business premises.
For those who do not pay business rates but have either had to close or have been severely impacted during the recent lockdown, there is a new Additional Restrictions Grant.
To find out if you are eligible for either of the two grants, view the guidance on the government’s website.