Good News  - you can get a tax rebate for removing asbestos

It is not well known that if a company owns land or buildings which contain asbestos containing materials (ACM), where the ACM was incorporated prior to their ownership, if they have it removed they can set off 150% of the actual cost of removal against their tax.
This concession was introduced in the 2001 Finance act to give an incentive to use brown field sites.
The concession only applies to companies and does not apply to sole traders, partnerships trustees or individuals.
So if a company spends £10,000 removing ACM, it can then obtain a deduction against profits, reducing its tax liability by up to £4500 (£10,000 x 150% x 30%). This can even mean that if the company made a loss there can be a tax rebate paid in cash.
So if your building contains ACM and it was incorporated before you purchased it and you are a company speak to your accountant or tax adviser and ask how you can reclaim 150% of the removal costs of the ACM.

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