Part 14Remediation of contaminated F1or derelict land

Annotations:
Amendments (Textual)
F1

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

Chapter 3Land remediation tax credit

Entitlement and payment

1152Meaning of “qualifying land remediation loss”

1

For the purposes of this Chapter a company has a “qualifying land remediation loss” in an accounting period if in the period—

a

it obtains an additional deduction under section 1149 in calculating the profits of a UK property business or a trade, and

b

it makes a UK property business loss in the business or a trading loss in the trade.

2

The amount of the qualifying land remediation loss is—

a

so much of the UK property business loss or trading loss as is unrelieved (see section 1153), or

b

if less, 150% of the qualifying land remediation expenditure in respect of which the relief was obtained.