Land Remediation Relief
Land Remediation Relief (LRR) was introduced in 2001, aimed at encouraging the redevelopment of land in a contaminated state and from 1 April 2009 it was extended to bringing long term derelict land back into use.
LRR is a relief from corporation tax. It provides a deduction in taxable profits or if loss making a tax credit on qualifying expenditure incurred by companies on remediating contaminated or long term derelict land.
LRR is calculated at 150% of the qualifying expenditure, as illustrated below:
Capitus Regeneration & Sustainability can:
- Advise on whether or not your expenditure qualifies for the relief
- Liaise with the design team to collate all relevant cost data and supporting information
- Prepare and submit a claim for LRR to HMRC and negotiate a maximised claim on your behalf either directly or through your accountants
- An incentive for the redevelopment of contaminated or derelict land
- Available to both developers and investors for both residential and commercial properties
- Can look back up to 4 years to generate tax repayments
- Can surrender losses for a payable tax credit