The super-deduction scheme will come into effect on April 1 and last until the end of March 2023.

Created to incentivise business investment, the programme offers those investing in qualifying new plant and machinery assets a 130% first-year capital allowance.

This means companies will be able to offset the full cost of any new equipment – for example in factories or warehouses, which many retailers are investing in as they build online operations – against tax, plus an additional 30%, if they invest in the next two years.