Could you qualify for Land Remediation Tax Relief?
If you’re a developer or contractor working on a brownfield site, you could be eligible for significant tax savings through Land Remediation Tax Relief – more commonly known as LRTR.
Introduced in 2001, LRTR is designed to encourage the redevelopment of more challenging brownfield sites by assisting developers with the cost of dealing with contamination such as asbestos, radon and – since 2009 - Japanese knotweed. The legislation permits any expenditure that prevents, minimises, remedies or mitigates the risk of any significant harm being done to people, property or the wider environment.
As long as you’re not the polluter (i.e., the party responsible for the knotweed infestation), you’re a UK Corporation Taxpayer and you use an on-site remediation method such as Environet’s Xtract™ to remove the knotweed, you could qualify for valuable tax savings against the cost of removal. For environmental reasons, offsite works or removal to landfill are excluded.
Many companies, unaware that LRTR exists and failing to claim, are missing out on vast savings that could dramatically improve the financial viability of a brownfield development.
Find out more in our latest ‘Beacon: Invasive Plant Intelligence’ paper, free to download here.