150 % Tax Relief for UK Companies
If asbestos removal costs cannot be avoided...
This might just help to soften the blow:
As part of the government’s urban regeneration scheme, under the Finance Act 2001, it is possible to claim 150% of the cost of asbestos remediation against your company's profits as tax relief.
For example: if asbestos removal costs £10,000 a company can deduct £15,000 from their taxable income. This also means that if the company made a loss, then they could be eligible for a cash rebate.
This concession only applies to UK registered companies and does not apply if the building or land was owned by the company when the asbestos was originally imported.
Ask your company’s accountant or financial advisor for more information on how this might apply to you.