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Capital Gains Tax Act 1979 (repealed 6.3.1992)
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Changes over time for: Section 113
Version Superseded: 06/03/1992
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- 01/02/1991- Amendment
- 01/02/1991
Point in time - Stop date 06/03/1992- Amendment
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113 Woodlands.U.K.
(1)(a)Consideration for the disposal of trees standing or felled or cut on [F1woodlands managed by the occupier on a commercial basis and with a view to the realization of profits], and
(b)capital sums received under a policy of insurance in respect of the destruction of or damage or injury to trees by fire or other hazard on [F2such woodlands],
shall be excluded from the computation under Chapter II of Part II of this Act of the gain accruing on the disposal if the person making the disposal is [F3the occupier.]
(2)Subsection (1)(b) above has effect notwithstanding section 20(1) above (disposal arising on receipt of capital sum).
(3)In the computation under Chapter II of Part II above so much of the cost of woodland in the United Kingdom shall be disregarded as is attributable to trees growing on the land.
(4)In the computation under Chapter II of Part II above of the gain accruing on a disposal of woodland in the United Kingdom so much of the consideration for the disposal as is attributable to trees growing on the land shall be excluded.
(5)References in this section to trees include references to saleable underwood.
Textual Amendments
F1Words substituted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 65 and Sch. 6 para. 6(5)(a)
F2Words substituted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 65 and Sch. 6 para. 6(5)(b)
F3Words substituted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 65 and Sch. 6 para. 6(5)(c)
Modifications etc. (not altering text)
C1S. 113 excluded (E.W.S.) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para.11
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