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ASBETSOS REMOVAL & TAX RELIEFInfo
In certain circumstances, the cost of asbestos removal from existing buildings can be set against company profits as tax relief, e.g. if £50,000 is spent on removing asbestos, £75,000 can be deducted from taxable profits. Part of the professional fees, preliminaries,
survey fees, and possibly the reinstatement expenditure, may also qualify depending on the nature of the project.

The qualifying criteria are:-
• The company must be UK registered, a corporation tax payer and not responsible for the initial installation.
• Replacement of asbestos cement products including roof and wall cladding on environmental grounds, i.e. you have a non-asbestos environmental policy, or your asbestos management plan (required by law) identifies replacement due to poor condition.
• The relief is not available on costs that qualify for capital allowances, E.g. if the cost of the panel can be expensed as maintenance, or the building is an office, then full relief should be available.

Cost of asbestos survey £10,000
Asbestos contractor £55,000
Air monitoring £5,000
Professional fees £5,000
Preliminaries £5,000
Replacement materials £70,000
Total remediation expenditure £150,000
Deduction for Tax £225,000 (150,000 x 150%)

You should contact your tax advisor for full details of the legislation before assuming availability of the relief.



For more information please email:
l2b@refurbsolutionsl2b.co.uk or call 0161 438 72 51