Cleaning up someone else’s mess with land remediation relief
Bryan Crawford examines the requirements to be met in order to claim land remediation relief.
Previously recommended for abolition by the Office of Tax Simplification (the thinking is set out in Review of Tax Reliefs – March 2011) because of its failure to drive behaviour change, land remediation relief (LRR) remains the only real tax incentive available for businesses who clean up contaminated or long-term derelict land and buildings. The restrictive rules remain ripe for reform to stimulate much needed investment in UK brownfield or contaminated land.
LRR is a corporation tax relief that is designed to encourage developers and property owners to bring brownfield sites back into productive use.
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