CIRD60010 - Remediation of contaminated land: outline

Provided the relevant conditions are satisfied the legislation entitles a company carrying on a trade or Schedule A business to:

• claim an additional 50% relief for 'qualifying land remediation expenditure' (see CIRD60145 for definition) allowed as a deduction in computing its Case I or Schedule A profits, (see CIRD60015 onwards),
• elect that capital expenditure on 'qualifying land remediation expenditure' is allowed as a deduction in computing its Case I or Schedule A profits (see CIRD60035 onwards), and
• receive a payable tax credit in exchange for any 'qualifying land remediation loss' surrendered to the Exchequer (see CIRD60070 onwards).

There are special provisions that apply to insurance companies carrying on life assurance business (see LAM 4A.123, 6.111 and 12.24A).