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The Independent Automotive Aftermarket Federation

IAAF comments on Budget

Date: Friday 05 March 2021

The IAAF commented on the Budget that

“The extension to the furlough scheme and increased access to grants and support is welcome. It gives aftermarket businesses more breathing room following a very difficult period and will help businesses adjust following the MOT extension and the subsequent effect on the number of tests undertaken.
While more details will be announced, the new 130% first-year capital allowance for qualifying plant and machinery assets will continue to assist our members investment activities.
Businesses face countless challenges currently across numerous fronts and so it’s important they are provided with the support they need to grow and develop. Support for more traineeships and raising incentive payments for firms taking on apprentices is key as the market embraces a more diverse vehicle parc than ever before.
Finally, the automotive aftermarket has performed exemplarily over the past year, supporting UK infrastructure and providing essential support to critical workers. There are further challenges ahead for the automotive aftermarket and so it’s important we remain united in our efforts to champion the excellent work the sector provides.”

The key points in the Budget were: