Tax incentive to remove asbestos
We recently received an interesting article from one of our business contacts, John Southall. Here he looks at saving money by removing asbestos from property.
"Removing asbestos in properties you have a responsibility for could not be as expensive as it first seems!
The Health and Safety Executive has introduced legislation which all commercial businesses are required to comply with. The regulations require every employer (Duty Holder) to identify and manage any asbestos found in their premises.
If you are a Duty Holder you are required to produce an asbestos management plan, carry out risk assessments of any asbestos in place and maintain an Asbestos Register detailing the locations and probable exposure and condition of asbestos. This does not mean all asbestos must be removed from a property, simply managed to ensure staff, visitors, contractors and the public are not exposed to fibres released.
The cash saving bit...
For those businesses able to take advantage, there is a tax incentive to replace Asbestos Containing Materials (ACM’s) in your property. All costs relating to the replacement of ACM with modern building materials can be reclaimed against income tax at a ratio of 150%; quite an incentive!"
For more information about this please contact John Southall on 0845 257 4015 or email [email protected]