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Land remediation relief

06 March 2002
Issue: 3847 / Categories: Forum & Feedback

The scope of the Finance Act 2001 relief for land remediation has been examined in articles in Taxation in the 11 October 2001 and 21 February 2002 issues. These have highlighted the confusion over whether the relief is confined to capital expenditure. The following letter from the Revenue clarifies this point.
I can confirm that the enhanced relief for qualifying land remediation expenditure (section 70 of, and Schedules 22 and 23 to, the Finance Act 2001) is not limited to capital expenditure. The relief is also available for revenue expenditure on qualifying land remediation.

The scope of the Finance Act 2001 relief for land remediation has been examined in articles in Taxation in the 11 October 2001 and 21 February 2002 issues. These have highlighted the confusion over whether the relief is confined to capital expenditure. The following letter from the Revenue clarifies this point.
I can confirm that the enhanced relief for qualifying land remediation expenditure (section 70 of and Schedules 22 and 23 to the Finance Act 2001) is not limited to capital expenditure. The relief is also available for revenue expenditure on qualifying land remediation.
Guidance on the new relief which will supersede earlier notes is to be published shortly. It will contain the following examples:
Example 1: Company A acquires contaminated land as trading stock of its property dealing trade. The company incurs £50 000 qualifying land remediation expenditure in an accounting period that for...

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