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Can you claim tax relief for Land Remediation?
13 March 2020
Land remediation relief is a valuable and often over-looked relief, which was designed to encourage investment in land that was previously derelict or contaminated and bringing it back into productive use.
What is Land Remediation Relief?
Land remediation relief (LRR) is a valuable tax relief which applies to all commercial property sectors, claimable by any company subject to corporation tax.
The relief’s intended to promote the remediation and development of blighted land and buildings and applies to expenditure on various activities including some of the following:
- Removal of asbestos from buildings.
- Breaking-out buried structures and foundations.
- Treatment of Japanese Knot-weed and similar harmful organisms.
- Treatment of naturally occurring contaminants including radon and arsenic. Claims can be made on developments, regeneration projects, fit-outs and refurbishments.
- LRR’s available to property owners, investors, and developers, at the following rates:
- Owner occupier or investor rate – 150%
- Developer rate – 50%
- For loss making companies, the relief comes in the form of a tax credit (cash back) – 24%
What period can you claim?
The time limit for retrospective claims is up to 3 years.