Could you be sitting on thousands in land tax relief?
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© Adobe Stock/Silent Corners/Savo Ilic Farmers could be missing out on as much as £50,000 of tax relief on land they bought in a derelict or contaminated state and returned to productivity.
Land Remediation Relief, introduced in 2001, lets landowners claim back between 10-30% of the costs incurred in cleaning up land that was purchased in an unusable state.
The relief is available for companies, real estate investment trusts and companies that are members of partnerships.
Activities that qualify
To be eligible for the relief, the land must have been derelict since 1 April 1998 or when the site was acquired by the claimant – whichever is earlier. If the land has been used temporarily it must have been for less than seven days a year.
The claim can include staffing costs, subcontracting costs and the cost of any material directly used in the remediation work. Activity such as building demolition also qualifies.
Land contaminated by industrial activities is defined by something in, on, or under the land that causes or risks “relevant harm”. This could include the consequences of mining and quarrying, manufacturing, construction or the supply of electricity, gas and water.
The level of risk from contamination varies according to land use, and UK planning guidance aims to ensure that land is in a fit state for its current or intended use.
How does the process work?
Farmers who think they might qualify will need a few documents to file a claim, including the purchase agreement and evidence that dereliction or contamination exists, such as a soil report, estate agent literature or survey.
Experts at Farmers Weekly’s Land Remediation Tax Relief service will then draft a report, which will include calculations of your land remediation benefit. Once the assessment has been finalised, the claim is submitted to the HMRC.
Our experts can prepare the technical report which supports your claim and will maximise the chances of a swift and successful outcome.
So why not see what you could be entitled to, and let our specialists do all the heavy lifting for you?
Why choose Farmers Weekly’s Land Remediation Tax Relief service?
- Make the most of the full range of government incentives available.
- Claim back costs incurred with the remediation of contaminated or derelict land.
- Qualifying activity can include staffing and subcontracting costs, and materials used for remediation work.
Find out if your business is eligible at fwi.co.uk/Land-Rem