Land Remediation Relief
What should you know! Counting King can help
Land Remediation Relief?
Land Remediation Relief allows companies to claim tax relief of 150% on their corporation tax, for expenditure associated with the clean up of contaminated areas such as buildings and land.
Investors, developers, and commercial property owners are able to claim land remediation tax relief on expenditure that has been spent on the process of decontaminating land or buildings. This acquisition should be made from a third party.
To qualify for the relief, you will need to have spent money on the following activities:
- UK land
- Land that will be used for trading purposes of your business
- The land acquired needs to fall under the category that the Government understands to be ‘causing harm’
What Is Qualifying Expenditure For Land Remediation Relief?
Your main qualifying expenditure falls under, but is not limited to:
- Sub-contractor costs
- Costs associated with employment as well as labour costs
- Capital expenditure, costs on machinery can be claimed through the incentive
- Costs associated with risk assessments, consultancy fees as well as liaison expenditure
What You Cannot Claim Through Land Remediation Relief
As with any tax relief, there are some limitations that will stop you from claiming.
You will not be able to claim back if:
- If your company was responsible for the contamination of land and/or building that you now want to remediate
- For example, if you are subsidised by grant funding for the decontamination process
- In addition, if the price for which you bought the land was discounted due to its contamination
How Much Tax Relief Can I Get?
Benefits Of Land Remediation Relief
Your company can claim up to 150% against Corporation Tax for your qualifying expenditure on acquisition of land and its remediation process. You can claim this relief by either:
Surrendering your losses for a 16% tax credit
Or, reducing Corporation Tax by 150% for your qualifying expenditure
How Does Counting King Handle My Claim?
The process is simple:
Getting To Know You
We will hold an initial, informal conversation with you to understand what activities you have conducted, what your business is and whether you qualify for the incentive
Evaluating Your Costs
We will request your financials to evaluate your costs and calculate your benefit
Writing Your Claim
Counting King will write the claim for you which you can look over before submission to HMRC – you can be as involved in the process of writing your claim as you want to be
Receive your benefit in either a reduction in your Corporation Tax liability or a payable credit
For help or advice please contact us:
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