A leading Scottish tax specialist has reported a sharp upturn in claims for land remediation relief (LRR).
ZLX Business Solutions, which has offices in Aberdeen and Glasgow, has actively supported commercial property owners, investors and developers to protect their assets by providing essential technical reports and expert guidance.
LRR is a valuable tax relief on qualifying expenditure associated with the remediation of land and buildings. It can offer a vital lifeline for businesses by providing up to 100% relief from corporation tax and reducing the financial burden associated with clean-up operations.
This tax relief applies to various decontamination measures on both land and buildings, including the remediation of contaminated soil and water, removal of asbestos, and treatment of naturally-occurring contaminants such as radon and arsenic.
ZLX possesses a deep working knowledge of the LRR scheme. As a result, it can effectively navigate clients through the claim process to ensure the best possible outcome is achieved.
Over the past 12 months, the company has benefited from a three-fold increase in the number of LRR claims processed by its experienced team on behalf of clients.
David Purvis, Commercial Director at ZLX Business Solutions
David Purvis, Commercial Director at ZLX Business Solutions, said: “If you own land or property and have incurred costs within the past three years to treat or remove contaminants caused by previous industrial activity, then you could be eligible to make a claim.
“By taking former brownfield sites, which have the potential to cause relevant harm to the environment or public health, and turning them into habitable sites once again, LRR encourages investment and wider economic redevelopment.
“ZLX is proud to have supported our clients to regenerate areas of towns and cities that would otherwise have remained unused or underutilised. It can also be a vital lifeline for businesses, particularly as we are currently seeing successful claims paid very quickly into clients’ bank accounts.
“While LRR claims still form a relatively niche part of our business, we have seen significant levels of demand for our expertise in this area with the potential for further expansion over the coming years.”
ZLX can assist with submitting your LRR claim for completed developments, either alongside your annual tax return or as an amended return for the relevant accounting period. The time limit for retrospective claims is two years from the year-end within which the expenditure was incurred.
For further information and to find out if you may be eligible for LRR tax relief, please visit www.zlx.co.uk or email hello@zlx.co.uk.