Land and property owners, including leases granted of at least seven years in length, or those with at least seven years left to run on an assigned lease, may claim this relief for expenditure incurred on removing or treating contaminants in the land or property, such as asbestos, radon and Japanese Knotweed, or for bringing land that has been derelict for a long time back into use.
The relief is to encourage the use of brownfield sites and to allow additional relief for the costs incurred in dealing with harmful substances to make land and property safer for humans, animals or for the building itself.
The relief is available for those owning the land and property for their business, or property developers where the land is held as stock, but the relief cannot be claimed by the original polluter.
The relief provides an enhanced deduction for tax for certain qualifying costs, reducing a company’s tax bill or creating a cash receipt for loss making companies. A claim can be made within two years of the end of an Accounting Period.
Our team of experts are here to help you determine if you have unused allowances hiding in your commercial property – give us a call today on 0300 303 1903!