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BDO welcomes extension to Annual Investment Allowance but longer term measures needed to support manufacturing sector

13 November 2020

Commenting on the extension to the Annual Investment Allowance, Steve Watts, a partner at BDO said:

“Many manufacturers have gone into survival mode in 2020 amid COVID-19 and Brexit uncertainty, and have had to defer investments in plant and machinery assets.

“Our most recent survey conducted with Make UK revealed a worrying decline in investment intentions among manufacturers, which does not bode well for an industry seeking to boost its productivity and compete in the global market.

“The one year extension to the Annual Investment Allowance cap of £1 million to 1 January 2022 is therefore hugely welcome and is aimed at encouraging investment in plant and machinery during these uncertain times. However, this is yet another short term measure when the industry is crying out for a comprehensive Government strategy which provides greater certainty and allows for longer term investment planning.”

ENDS

About BDO

Accountancy and business advisory firm BDO LLP provides integrated advice and solutions to help businesses navigate a changing world.

Our clients are Britain’s economic engine – ambitious, entrepreneurially-spirited and high growth businesses that fuel the economy. 

We share our clients’ ambitions and their entrepreneurial mind-set. We have the right combination of global reach, integrity and expertise to help them succeed. 

BDO LLP

BDO LLP operates in 17 locations across the UK, employing 5,500 people offering tax, audit and assurance, and a range of advisory services. BDO LLP is the UK member firm of the BDO International network.

BDO’s global network

The BDO global network provides business advisory services in 167 countries, with 88,000 people working out of 1,800 offices worldwide. It has revenues of $9.6bn. 

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