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Finance Act 2001

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This is the original version (as it was originally enacted).

Part 2Entitlement to land remediation relief

Entitlement to relief

12(1)This paragraph applies if—

(a)land in the United Kingdom is, or has been, acquired by a company for the purposes of a Schedule A business or a trade carried on by the company,

(b)at the time of acquisition all or part of the land is or was in a contaminated state, and

(c)the company incurs qualifying land remediation expenditure in respect of the land.

(2)A company is entitled to land remediation relief for an accounting period if the company’s qualifying land remediation expenditure is deductible in that period.

(3)The company’s qualifying land remediation expenditure is deductible in that period if it is allowable as a deduction in computing for tax purposes the profits for that period of a Schedule A business or a trade carried on by the company.

(4)A company is not entitled to land remediation relief in respect of expenditure on land all or part of which is in a contaminated state, if the land is in that state wholly or partly as a result of any thing done or omitted to be done at any time by the company or a person with a relevant connection to the company.

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