Corporation Tax Act 2009 section 1143

Overview of Part

Section 1143 provides an overview of the corporation tax relief available for expenditure on remediating contaminated or derelict land in the United Kingdom.

• Companies can claim a deduction for capital expenditure incurred on remedying contaminated or derelict land, plus an additional deduction for qualifying revenue expenditure, when calculating profits of a UK property business or trade.
• Where a company makes a loss in a UK property business or trade after claiming the relief, it may be entitled to receive a cash payment known as a land remediation tax credit.
• Separate provisions apply for companies carrying on basic life assurance and general annuity business, including the availability of BLAGAB tax credits.
• Anti-avoidance rules are in place to counter artificially inflated claims for relief or tax credits, and claims are made under Schedule 18 to the Finance Act 1998.