Land Remediation Relief Survives the Chop
The Office of Tax Simplification had identified LRR as one of a number of tax reliefs to be abolished in the interests of simplicity. Fortunately, this relief has won a reprieve.
LRR is a tax relief for companies which acquire contaminated land or buildings for proposed use in their trade. LRR gives companies a tax super-deduction (or a cash payment for loss makers) for the cost of cleaning up the land of contaminants such as oil spillages and asbestos, and also for the removal of Japanese knotweed.
(Of the other reliefs identified for potential scrapping by the OTS those which will not be removed but will continue to be available are late night taxis, compensation for mis-sold pensions and a Class 1 NICs exemption for payments for reward for assistance with lost or stolen credit cards.)
For more information contact Rosemary Blundell.