Our tax specialists collaborate with our surveyor in this specialist area of corporate tax relief, which is a relief from corporation tax only. It provides a deduction of 100%, plus an additional deduction of 50%, for qualifying expenditure incurred by companies in cleaning up land acquired from a third party in a contaminated state.
Land or buildings are in a contaminated state if there is contamination present as a result of industrial activity such that:
it is causing relevant harm; or
there is a serious possibility that it could cause relevant harm, or
it is causing, or there is a serious possibility that it could cause, significant pollution in the groundwater, streams, rivers or coastal waters.
Limited companies are eligible to make a claim, as long as they have undertaken qualifying expenditure.
Expenditure can be on land or buildings, don’t be misled by the name – so there really is scope for countless companies to save money.
As always, our initial consultation is free, so do get in touch to discuss whether your company qualifies.