MACH 2022, the first national gathering of the UK engineering community post-COVID-19, has been given fresh impetus following the Chancellor’s announcement of the new super-deduction incentive scheme, show organiser, the Manufacturing Technologies Association (MTA) has said.
Launching on 1st April 2021 and running until 31st March 2023, the new scheme means companies investing in qualifying new plant and machinery assets will be able to claim a 130% super-deduction capital allowance on their plant and machinery investment, plus a 50% first-year allowance for qualifying special rate assets.
The super-deduction scheme will allow companies to cut their tax bill by up to 25p for every £1 they invest. The incentive scheme is intended to jump-start the manufacturing sector as it looks to bounce back quickly from the pandemic-induced recession.
The Office for Budget Responsibility (OBR) has predicted the scheme could encourage manufacturers to bring forward investment plans originally scheduled for much later in the decade.
James Selka, CEO of the MTA, said: “MACH is the national manufacturing show, and as a content-led event it brings together the latest advanced engineering and manufacturing technologies in operation and all under one roof. As such it will be perfect place for manufacturers to come and view the best new machines on the markets.
“With MACH 2022 taking place at the NEC in Birmingham between 4-8th April 2022, the timing could not be better, falling right in the middle of the new two-year scheme. With the incentives offered by the Chancellor’s super-deduction initiative there has never been a better time for manufacturers to invest in the future. Bringing forward capital investment decisions to the present will enable the industry to bounce back from the effects of the pandemic far quicker than was previously thought.”
“We believe there is a strong desire amongst manufacturers to take the lead in regenerating the UK economy, and with suppliers eager to do business and the choice of machines on offer during next year’s show, then MACH 2022 is shaping up to be one of busiest exhibitions we will ever have. It is the perfect way to demonstrate to the world the enterprising attitude of the UK’s manufacturers,” he added.
Firms looking to take advantage of the new incentives can view in advance the companies exhibiting during the show by visiting the MACH website – www.machexhibition.com – where they can also register to attend the event. The MTA is also urging any supplier interested in showcasing its products at the event, to do without delay. Details on how to do this can again be found on the website.
For the MTA, the new super-deduction scheme is a vindication of a campaign it started last year, urging the Chancellor to introduce an economic stimulus that would incentivise manufacturers and help them take advantage of key opportunities such as decarbonisation, high-speed rail and the Tempest UAV programme.
Mr Selka said fiscal incentives to raise investment levels were vital and incentivising capital allowances would boost investment confidence and kick-start investment decision-making, as well as provide a boost to job creation, productivity improvement and export readiness.
MACH 2022 will provide an important showcase for all of these – and more, including a significant focus on the digital factory, with new and more innovative automation and connected manufacturing processes, power by the hour and new cost efficiency solutions that will dramatically improve the production processes likely to shape the manufacturing industry over the next decade.
“MACH has always been the place to see real innovation come to life. Manufacturers and engineers come out in force to support the UK’s national show and see first-hand how technology is developing. With the extra incentives now in place, MACH 2022 will be the perfect opportunity for the industry to demonstrate its readiness for the challenge of revitalising the UK’s economy,” said Mr Selka.
For more details on MACH 2022 and how to exhibit, please visit www.machexhibition.com