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Extension of First-Year Allowances for Zero-Emission Cars and Electric Vehicle Charging Points

  • Written by Katie
  • November 16, 2024
  • Business News, Tax News

Extension of First-Year Allowances for Zero-Emission Cars and Electric Vehicle Charging Points

The UK government has announced the extension of first-year allowances (FYAs) for businesses investing in zero-emission cars and electric vehicle (EV) charging points. These allowances enable businesses to deduct 100% of the cost of qualifying investments from their taxable profits in the year of purchase.

Key Points:

  1. Zero-Emission Cars
    Businesses can continue claiming the 100% FYA on zero-emission cars purchased for business use. To qualify, the vehicle must meet specific CO₂ emissions criteria and be brand new.
  2. EV Charging Points
    The allowance also applies to investments in EV charging points, encouraging businesses to support the shift to electric vehicles by installing infrastructure.
  3. Timeframe
    The extension applies to qualifying expenditures made until 31 March 2025 for companies and 5 April 2025 for individuals or unincorporated businesses.
  4. Business Benefits
    This incentive supports environmentally friendly investments, reduces tax bills, and aligns with the government’s net-zero goals.

For more details on eligibility and how to claim, visit the UK Government website.

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