Part 14Remediation of contaminated F1or derelict land
Chapter 1Introduction
Introductory
1143Overview of Part
1
This Part provides for corporation tax relief for expenditure on land in the United Kingdom, where the expenditure is incurred for the purpose of remedying contamination F3or dereliction of the land.
2
The reliefs available under Chapter 2 are—
a
a deduction in calculating the profits of a UK property business or a trade carried on by a company for expenditure which is capital expenditure, and
b
an additional deduction for expenditure which is allowed as a deduction in calculating the profits of such a business or trade.
3
Chapter 3 provides for the payment of tax credits (“land remediation tax credits”) where a company—
a
obtains relief under Chapter 2, and
b
makes a loss in a UK property business or a trade.
4
Chapter 4 contains provision about—
a
the relief available to a company which carries on F4basic life assurance and general annuity business, and
b
the payment of tax credits (F2“BLAGAB tax credits”) to such a company.
5
Chapter 5 contains an anti-avoidance provision dealing with artificially inflated claims for relief under this Part or tax credits.
6
Chapter 6 contains supplementary provision, including definitions.
7
For information about the procedure for making claims under this Part see Schedule 18 to FA 1998, in particular Part 9B (claims relating to remediation of contaminated F5or derelict land) of that Schedule.
Words in Pt. 14 heading inserted (with effect in accordance with Sch. 7 paras. 27, 28 of the amending Act) by Finance Act 2009 (c. 10), Sch. 7 para. 2