HM Revenue and Customs Brief 23/09
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Issued 31 March 2009
Changes to Land Remediation Relief: Publication of draft
Regulations
Readership
This
Revenue & Customs Brief is of interest to bodies liable to
Corporation Tax carrying out remediation work on land in the UK.
At
the Pre-Budget Report, the government announced changes to Land
Remediation Relief and published draft primary legislation for comment.
In this brief, HM Revenue & Customs (HMRC) is publishing for
comment Draft
Regulations (41K) under powers contained in the new
legislation.
Background
At Budget 2008 and at the Pre-Budget Report, the government
announced changes to Land Remediation Relief.
Details
of the proposed amendments to Land Remediation Relief, together with
the draft primary legislation, were published in a Technical Note at
the Pre-Budget Report.
In the light of comments received, the
primary legislation will be amended to allow the Treasury to specify,
by Order, circumstances in which companies can elect for capital
expenditure to be a revenue deduction where the contamination was not
present at acquisition. These powers are contained in draft section
1147 (3A) and (3B).
HMRC is publishing for comment draft
regulations under powers contained in the draft legislation published
at the Pre-Budget Report:
A number of those who commented on the
draft primary legislation suggested the regime be extended to cover the
costs of eradicating other naturally occurring substances or living
organisms. In no case is there compelling evidence that the substance
or plant posed a significant barrier to the re-use of previously
developed land. The government therefore does not propose to extend the
relief any further.
HMRC will shortly publish its draft guidance
on the revised Land Remediation Relief to give interested parties the
opportunity to comment.
Comments on the draft secondary legislation should be
submitted by 30 June 2009 to:
Brian Stokes
Room 3/36
100 Parliament Street
London
SW1A 2BQ
Telephone: 020 7147 2546
About the Author
© Crown Copyright 2009.
A licence is need to reproduce this
article and has been republished for educational / informational
purposes only. Article reproduced by permission of HM Revenue &
Customs under the terms of a Click-Use Licence. Tax briefs are updated
regularly and may be out of date at time of reading.
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Article Published/Sorted/Amended on Scopulus 2009-03-31 14:45:41 in Tax Articles
