Deduction for capital expenditure
1
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Finance Act 2001 SCHEDULE 22 — REMEDIATION OF CONTAMINATED LAND
Part 1 — DEDUCTION FOR CAPITAL EXPENDITURE
Qualifying land remediation expenditure
2
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Land in a contaminated state
3
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Relevant land remediation
4
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Employee costs
5
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Expenditure on materials
6
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Expenditure incurred because of contamination
7
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Subsidised expenditure
8
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Qualifying expenditure on sub-contracted land remediation
9
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Treatment of expenditure where company and sub-contractor are connected persons
10
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Treatment of sub-contractor payment in other cases
11
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Part 2 — ENTITLEMENT TO LAND REMEDIATION RELIEF
Entitlement to relief
12
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Part 3 — MANNER OF GIVING EFFECT TO RELIEF
Deduction in computing profits of Schedule A business or trade
13
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Entitlement to land remediation tax credit
14
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Amount of land remediation tax credit
15
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Payment in respect of land remediation tax credit
16
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Restriction on losses carried forward
17
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Tax credit not income
18
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Certain qualifying land remediation expenditure excluded for purposes of capital gains
19
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Part 4 — SPECIAL PROVISION FOR LIFE ASSURANCE BUSINESS
Limitation on relief
20
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Provision in respect of “I minus E” basis
21
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Entitlement to relief: “I minus E” basis
22
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Giving effect to relief: enhanced expenses payable
23
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Entitlement to life assurance company tax credit
24
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Amount of life assurance company tax credit
25
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Payment in respect of life assurance company tax credit, etc
26
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Restriction on carrying forward expenses payable
27
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Certain qualifying expenditure excluded for purposes of capital gains
28
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Part 5 — SUPPLEMENTARY PROVISIONS
Artificially inflated claims for deduction, relief or tax credit
29
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Funding of tax credits
30
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Interpretation
31
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Transitional provisions
32
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Back to Finance Act 2001 — full text
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