Asbestos Removal Tax Relief

Tax Relief for Asbestos Removal

If a building that your company owns contains ACMs and those ACMs were incorporated before you purchased it, speak to your accountant or tax adviser and ask how you can reclaim 150% of the removal costs of the ACM.

This concession was introduced in the 2001 Finance act to provide an incentive to use brown field sites. The concession only applies to companies and does not apply to sole traders, partnerships trustees or individuals.

Essentially, if a company spends £10,000 removing ACMs, it can then obtain a deduction against profits, reducing its tax liability by up to £4,500 (£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.