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EC Harris has warned that regeneration and refurbishment schemes are costing developers and property owners significantly much more than they should due to widespread ignorance of available tax relief incentives.

According to the international property consultant, advice on capital allowances, land remediation and other tax relief schemes is simply not being sought early enough.

Head of the firm鈥檚 Birmingham-based tax team Martin Silvester said: 鈥淚n spite of the government鈥檚 attempts to stimulate the regeneration culture through targeted tax relief schemes, the incentives are being undermined as a result of companies and private individuals missing the boat.鈥�

He added: 鈥淭he main problem appears to be one of perception, in that a high proportion of developers and property owners believe that their accountant has it covered, but all too often this happens later down the line. We鈥檙e not critical of accountants, they just don鈥檛 necessarily have a specialist resource identifying the issues early on.鈥�

Calling for the need to build greater awareness of the incentives, not just by the government, but also by trade groups and advisors, Silvester pointed out that the smaller the company, the less likely it is to be aware of the tax relief benefits.

In the Midlands alone, EC Harris鈥� property tax team of specialist surveyors and tax advisors has saved clients more than 拢200mn in tax relief in the two years since it was set up.

As Silvester explained, nearly every regeneration or refurbishment project under development provides opportunities to claim tax relief.

He concluded: 鈥淭he key is to seek advice at an early stage and to factor tax implications into the whole project strategy to maximise recovery. This may also involve changing the structure of the deal in order to manage the risks. Front-end planning is the way forward.鈥�