My company is about to spend £60,000 on replacing asbestos roofs. Is there any special tax relief I can claim to help with these costs?
Land remediation relief applies for cleaning up contaminated land in the UK, which covers asbestos removal. If your company did not create the contamination by installing the asbestos in the first place, it can claim 150% of the costs of the clean up against its profits. If this extra deduction creates a loss, and the company can’t relieve that loss against profits of the same or an earlier period, it can obtain a tax repayment of 16% of the loss from the Taxman.
