Independant asbestos Information

Tax Relief

Cleaning up contaminated land

It is not well known that if a company owns land or buildings which contain asbestos containing materials (ACM), where the ACM was incorporated prior to their ownership, if they have it removed they can set off 150% of the actual cost of removal against their tax.
This concession was introduced in the 2001 Finance act to give an incentive to use brown field sites.
The concession only applies to companies and does not apply to sole traders, partnerships trustees or individuals.
So if a company spends £10,000 removing ACM, it can then obtain a deduction against profits, reducing its tax liability by up to £4500 (£10,000 x 150% x 30%). This can even mean that if the company made a loss there can be a tax rebate paid in cash.
So if your building contains ACM and it was incorporated before you purchased it and you are a company speak to your accountant or tax adviser and ask how you can reclaim 150% of the removal costs of the ACM.

 


         

The Asbestos Information Centre is probably the BEST place to advertise your asbestos web site, for removal, consultancy or advice; e-mail info@aic.org.uk for more information.

We have done our best to ensure that any information provided is accurate but it has been obtained from a number of different sources and so the Asbestos Information Centre can not be held responsible for any inaccuracies. If you do notice any inaccuracies please advise us at info@aic.org.uk so that they can be corrected. This web site is not a complete guide to the Health and Safety responsibilities when dealing with asbestos containing products. The information given is of a general nature and so does not address the specific circumstances of any particular situation. The guidance is given with the best intentions but nothing in this web site shall create or be deemed to create any obligations, whether expressed or implied, on the AIC.