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A new 130% first-year capital allowance for qualifying plant and machinery assets; and a 50% first-year allowance for qualifying special rate assets.
The construction materials shortage is expected to continue into the summer, and rising prices
are affecting several key materials, including steel and timber.
The ongoing shortages will be a particular blow to those working on self build projects who are
building with steel or timber frame, who could potentially face surging build costs.
Renovators could be also be affected by price increases. The cost of materials for repair and
maintenance work rose 1.5% between February and March, and increased by 9% between March
2020 and March 2021, according to the Department for Business, Energy and Industrial
Strategy’s (BEIS) Monthly Statistics of Building Materials and Components report for April.