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Land Remediation Tax Relief Survives HM Treasury Scrutiny
In December 2011, as part of its review of the tax system, HM Treasury published the results of a consultation on 43 tax reliefs that it was considering to abolish.
The Land Remediation Tax Relief, tax relief for developing brownfield land, was on the list.
The abolition project created a great stir and strong reaction from brownfield developers, and the outcome of the consultation is after all that the Land Remediation Tax Relief will not be abolished.
HM Treasury based their decision on evidence received in the consultation which has shown that the abolition would hinder the Government’s plans for the housing and construction sectors.