The answer is YES, for now.
Following the decision to abolish 36 tax reliefs by HM Treasury, which included land remediation tax relief, basically tax relief for developing brownfield sites. The Treasury opened a consultation giving an opportunity for interested parties to put forward a case against abolition / the timeframes decided upon.
With the current pressures on the housing development markets, and some strong evidence indicating that several proposed developments would become economically not viable without land remediation relief, the Treasury saw fit to remove the planned abolition! Great news for construction and for the environment, and in my opinion for the economy.
Other interesting tax relief abolition included Angostura Bitter tax relief, initially arranged to help the struggling Trinidad & Tobago economy in the 70’s.
You can find the document by clicking here.
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