Asbestos removal 150% Tax relief – Do you qualify?

The cost of removing asbestos containing materials (ACMs) can be extremely worrying for a company. However, what most people do not realise is that they can actually get some of that money back as part of tax relief.

Do you qualify?

Since 2001 there has been a 150% tax rebate for the costs associated with the removal of ACMs from a building site or dwelling. This was put into place to encourage the removal of these types of materials from public dwellings and covers any expenses which were created as a result of moving the materials. if a company spends £10,000 removing ACMs, it can then obtain a deduction against profits, reducing its tax liability by up to £4,500 (£10,000 x 150% x 30%). This can even mean that if the company made a loss, there can be a tax rebate paid in cash.

Only applies to companies registered in the UK.