The following Environment practice note Produced in partnership with Begonia Filgueira FIEMA of Acuity Legal provides comprehensive and up to date legal information covering:
Land remediation relief (LRR) is a relief from corporation tax for expenditure on remediating contaminated land or bringing derelict land back into use. The relief was under threat of being discontinued after 2012. However, in the 2012 budget, the government confirmed that the relief will continue.
In 2009, LRR was extended to address market failure by bringing long term derelict land back into use. An incentive was given where land, whose development has been affected by various kinds of continuing dereliction, is brought back into productive use.
a 100% deduction for qualifying land remediation expenditure of a capital nature when calculating the profits of a UK property business or a trade in the period in which the expenditure is incurred, eg acquiring an item that would be long term in nature such as a gas membrane, and
an additional 50% deduction for qualifying land remediation expenditure of a revenue nature when calculating the profits of the UK property business or trade in the accounting period, ie in addition to the deduction for the expenditure that would be available to the company under normal corporation tax principles
Since LRR is a relief from corporation tax it is not available to individuals or partnerships. However, a company that is a member of a partnership can in some instances claim relief for its share
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What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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