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Finance Act 2012

Background Note

12.Payments made to restore a site to its original state after use in a waste disposal trade are historically capital in nature and without a specific statutory deduction would not be an allowable trading deduction.

13.The Government has become aware of businesses abusing the intended relief by making payments to connected persons many years in advance of future works and claiming relief is due as a payment has been made. This puts at risk substantial amounts of tax.

14.This section introduces new rules for income tax and corporation tax purposes to counter the avoidance exploiting deductions for site restoration payments with effect on or after 21 March 2012.

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