Alison Morris Associate at Eversheds LLP looks at proposed changes to land remediation relief
Finance Act 2001 Sch 22 provides relief for expenditure on the cleaning up of contaminated land. In summary the relief permits a corporation tax deduction of 150% for qualifying expenditure (of both a revenue and capital nature) on land remediation. Alternatively a company with losses arising from qualifying land remediation can opt for a tax credit of 16% of the unrelieved loss. The relief is only available where the land was contaminated at the time of its acquisition; contamination created or added to by the company does not qualify.
The provisions of Sch 22 which are currently being rewritten into the Corporation Tax Act 2009 (CTA 2009) are now...
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Alison Morris Associate at Eversheds LLP looks at proposed changes to land remediation relief
Finance Act 2001 Sch 22 provides relief for expenditure on the cleaning up of contaminated land. In summary the relief permits a corporation tax deduction of 150% for qualifying expenditure (of both a revenue and capital nature) on land remediation. Alternatively a company with losses arising from qualifying land remediation can opt for a tax credit of 16% of the unrelieved loss. The relief is only available where the land was contaminated at the time of its acquisition; contamination created or added to by the company does not qualify.
The provisions of Sch 22 which are currently being rewritten into the Corporation Tax Act 2009 (CTA 2009) are now...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
