But the sting in the tail at the Budget was decision to cut main rate of writing down allowance (WDA) from April, rhe new 40% permanent first-year allowance (FYA) for main-rate plant and machinery expenditure came into effect on 1 January, following announcement by the chancellor at the last Budget.

This will be available for assets bought for leasing and for unincorporated businesses, which do not benefit from full expensing, while preserving the current incentives to invest. The FYA will be beneficial primarily where the £1m annual investment allowance (AIA) or existing FYAs (such as full expensing) are unavailable or not preferred. 

This will enable the leasing sector, which is currently excluded, to benefit from some accelerated relief.