Company Tax Brief 29/09
Changes to Land Remediation Relief: Publication of Draft Guidance
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 (PBR), the government announced changes to Land Remediation Relief and published draft primary legislation for comment. HM Revenue & Customs (HMRC) recently published for comment draft Regulations under powers contained in the new legislation. HMRC is today publishing draft guidance on the new rules.
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. HMRC recently published draft Regulations under powers contained in the draft legislation.
HMRC is today publishing its draft guidance (PDF 352K) on the revised Land Remediation Relief to give interested parties the opportunity to comment.
As explained in the Technical Note published at PBR, the intention is that, as far as possible, companies will know whether or not they are entitled to relief on the basis of the risk assessments carried out as good practice in re-developing land in a contaminated state. HMRC is inviting interested parties to raise issues of how the legislation applies to a situation not covered in the draft guidance.
Comments on the draft guidance should be submitted by 31 July 2009 to:
Brian Stokes
Room 3/36
100 Parliament Street
London
SW1A 2BQ
Tel: 020 7147 2546
Email: Brian Stokes
Issued 12 May 2009
