Is Asbestos Removal A Capital Improvement In Hampshire?

Asbestos removal is an essential process for the safety of public health, especially in Hampshire located in the South East of England. We, at Affordable Asbestos Removal Hampshire, are an affordable asbestos removal company in Hampshire that specializes in the removal of asbestos from derelict land, commercial and residential sites. Our company has been trusted for years by property developers and homeowners alike due to our expertise and professionalism.

In this article, we will discuss whether asbestos removal qualifies as a capital improvement in Hampshire and the tax relief available for companies that incur expenses during the process.

Asbestos Removal Sites in Hampshire

Hampshire is home to several sites that have been subjected to asbestos contamination. The contamination can be observed in both residential and commercial properties. It is crucial to note that the removal process is governed by several regulations that must be adhered to during the process. Thus, it is advisable to hire a company that specializes in asbestos removal to ensure the proper handling and disposal of the hazardous material. Our company has the expertise and equipment necessary to handle the removal process safely and efficiently.

Derelict Land Redevelopment

Derelict land redevelopment has been encouraged by the government to reduce the housing crisis in the country. Asbestos removal is mandatory before the redevelopment of derelict land. In cases where asbestos is present in the soil, the topsoil must be removed and disposed of appropriately. It must be noted that the costs incurred for the removal of asbestos from derelict land are eligible for tax relief.

Asbestos Removal Expenditure Incurred Within A Year

Tax relief can be claimed for the expenditure incurred on asbestos removal within a year. The cost of removal is capitalized and treated as part of the cost of remediation, which is a qualifying item for tax relief. The relief is available for both commercial and residential property owners. In the case of joint-owners, the relief is proportioned based on their ownership percentage.

Asbestos Removal and Site Redevelopment

The cost of asbestos removal from sites that are to be redeveloped qualifies for tax relief. The relief is capped at 150% of the actual expenditure incurred in the removal process. For instance, if a company claimed 100,000 for the removal of asbestos, they could claim an additional 50,000 as a relief.

Asbestos Removal and Retail Portfolio

The cost of asbestos removal from property held for retail purposes is eligible for special tax relief. The relief is acquired through the Land Remediation Relief (LRR) scheme, which is part of the UK tax system created to encourage the development of contaminated land. LRR is available to all tax-paying property developers alike.

Asbestos Removal and Commercial Property

Asbestos removal from commercial property is considered a capital expense and is eligible for tax relief. The expenditure incurred is capitalized and treated as part of the cost of the remediation process. The relief is acquired through the Capital Allowances scheme, which enables commercial property owners to offset the costs incurred against taxable profits.

Conclusion

In conclusion, asbestos removal is a vital process that must be carried out by professionals to avoid environmental and health hazards. As a company that specializes in asbestos removal, we have the expertise and equipment necessary to ensure safe and efficient removal. Regarding the tax relief, businesses and property owners can claim relief for the expenditure incurred during the process. For specific cases, such as derelict land and retail property, special tax relief is available. We recommend consulting with a tax professional to obtain the best solution for tax relief during asbestos removal. For more information or to book an appointment, please contact us at Affordable Asbestos Removal Hampshire at 01962 458066, or visit our website at affordable-asbestos-removal-hampshire.co.uk.