Tax breaks for derelict land and commercial property
Tax breaks for derelict land and commercial property
- 2003
- Property Week 68(49) 12 December 2003, 2(1) .
New tax incentives aimed at the redevelopment of long-term derelict sites and the refurbishment of commercial premises in the UK's 2 000 enterprise areas have been unveiled in the pre-Budget Report. The so-called contaminated land tax credit, subject to clearance under EU state aid rules, will be extended to include all long-term derelict land, with developers being eligible for tax allowances equal to remediation work costs. Businesses based in the enterprise areas will be allowed capital allowances for renovation work to bring buildings back into use. The pre-budget report and supporting documents are available at http://www.hm-treasury.gov.uk/pre_budget_report/prebud_pbr03/prebud_pbr03_index.cfm
PROPERTY-COMMERCIAL PROPERTY
TAX CREDITS
DERELICT LAND
CONTAMINATED LAND TAX CREDIT
CAPITAL ALLOWANCES
DEPRIVED AREAS
ENTERPRISE AREAS
REMEDIATION
REDEVELOPMENT
New tax incentives aimed at the redevelopment of long-term derelict sites and the refurbishment of commercial premises in the UK's 2 000 enterprise areas have been unveiled in the pre-Budget Report. The so-called contaminated land tax credit, subject to clearance under EU state aid rules, will be extended to include all long-term derelict land, with developers being eligible for tax allowances equal to remediation work costs. Businesses based in the enterprise areas will be allowed capital allowances for renovation work to bring buildings back into use. The pre-budget report and supporting documents are available at http://www.hm-treasury.gov.uk/pre_budget_report/prebud_pbr03/prebud_pbr03_index.cfm
PROPERTY-COMMERCIAL PROPERTY
TAX CREDITS
DERELICT LAND
CONTAMINATED LAND TAX CREDIT
CAPITAL ALLOWANCES
DEPRIVED AREAS
ENTERPRISE AREAS
REMEDIATION
REDEVELOPMENT