Land remediation relief guidance
Land remediation relief from corporation tax was first introduced in April 2001 and its scope extended significantly in August 2009. HMRC have now published detailed guidance on the workings of the land remediation relief. This guidance is relevant to businesses liable to corporation tax that carry out work on contaminated land or land infested with Japanese Knotweed.
New regulations introduced in August 2009 were designed to extend tax incentives for developing brown-field land and specifically to bring long term derelict land back to use. Land which has been derelict since 1 April 1998 will qualify. The guidance should also provide Taxpayers with a far better understanding of whether they are entitled to relief where contaminated land is re-developed.
Land remediation relief is available by reference to specified expenditure. The qualifying elements include expenditure on the removal of items including building foundations, reinforced concrete pilecaps and underground pipes for the supply of electricity, gas, water or telecommunication services or for drainage or sewerage
The new guidance extends to some 167 pages and is divided into two main sections
- Outline of Land Remediation Relief
- Land Remediation Relief -detailed guidance