Tax relief for developers that regenerate derelict brownfield sites will be retained, after a last-minute U-turn by the government. The Treasury said this week that it had decided to retain the tax relief, worth ￡40m a year, and introduced by Gordon Brown in 2001. The decision follows a concerted campaign by developers and regeneration bodies to retain the tax relief, after chancellor George Osborne pledged to remove it in the March Budget. According to the Treasury, 1,300 companies claim this relief each year, which gives a 150% deduction from corporation tax for any expenditure incurred by companies in cleaning up land in a contaminated state.
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