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Budget 2014: Electric vans get capital allowance boost

Date: 19 March 2014   |   Author:

The chancellor has confirmed an extension of the scheme that allows businesses 100% first-year tax relief on electric goods vehicles.

To comply with EU subsidy rules, companies would not be able to claim the Government's £8000 plug-in van grant, but given the higher prices of the fledgling technology, the Enhanced Capital Allowance scheme should prove attractive.

The HMRC's advice reads: "The ECA scheme lets your business claim 100% first-year tax relief on investments in qualifying technologies and products.

"This means you can write off, for example, deduct - the whole cost, or up to the published claim value, of buying the energy-saving product against your taxable profits in the year of purchase."