Question from Toby Prescott, via e-mail:
What taxable relief is available for work to clear a dump site for building?
Answer from Graham Booth, senior accountant at Easy Accountancy:
There is relief available to corporate bodies involved in ‘bringing long term derelict land back into productive use’ or working on land that is contaminated to remove or reduce effects.
This relief is ‘Land Remediation Relief’ and could result in a body receiving a deduction in their taxable profits of 150% for ‘qualifying expenditure,’ connected with the removal or reduction of contamination effects. This could even result in a ‘cash’ payment to the body.
The relief has recently been extended to cover ‘expenditure on remediating land that has been derelict for a period of time’. Of course such relief is dependent on meeting certain criteria such as the period of dereliction, on which your accountant can advise further to see if you meet such criteria.