1979 c. 14.

http://www.legislation.gov.uk/ukpga/1988/39/schedule/6/paragraph/6/enactedFinance Act 1988Income taxParkingCorporation taxTaxVATKing's Printer of Acts of Parliament2021-08-02SCHEDULES:SCHEDULE 6Commercial WoodlandsConsequential amendments61

In section 69 of the Capital Allowances Act 1968, in the definition of “forestry land”, and in section 85(4) of that Act, for any reference to section 111 of the Taxes Act 1970 or section 54 of the Taxes Act 1988 there shall be substituted a reference to paragraph 5 of this Schedule.

2

In section 67(1) of the Taxes Act 1970 (Schedule A), in paragraph 3 of Schedule A (exceptions), after paragraph (a) there shall be inserted—

aa

to any profits or gains arising from a person’s occupation of any woodlands which are managed on a commercial basis and with a view to the realisation of profits, or

.

3

In section 110 of the Taxes Act 1970 (farming and the commercial occupation of land), in subsection (3), for the proviso there shall be substituted—

Provided that nothing in this subsection shall apply in relation to the occupation of land which comprises woodlands or is being prepared for use for forestry purposes.

;

but the amendment made by this sub-paragraph shall not apply in relation to land which is being prepared for use for forestry purposes if the requirements of paragraph 4(3) above are satisfied with respect to it.

4

In sections 168(8), 169(10) and 171(5) of the Taxes Act 1970, for the words “section 111 of this Act” there shall be substituted the words “paragraph 4 of Schedule 6 to the Finance Act 1988”.

5

In section 113(1) of the Capital Gains Tax Act 1979 (woodlands)—

a

for the words “land assessed to income tax or corporation tax under Schedule B” there shall be substituted the words “woodlands managed by the occupier on a commercial basis and with a view to the realisation of profits”;

b

for the words “such land” there shall be substituted the words “such woodlands”; and

c

for the words “the person assessed to the tax under Schedule B” there shall be substituted the words “the occupier”.

6

In section 15(1) of the Taxes Act 1988 (Schedule A), in paragraph 3 of Schedule A (exceptions), after paragraph (a) there shall be inserted—

aa

to any profits or gains arising from a person’s occupation of any woodlands which are managed on a commercial basis and with a view to the realisation of profits, or

.

7

In section 53 of the Taxes Act 1988 (farming and the commercial occupation of land), for subsection (4) there shall be substituted—

4

Subsection (3) above shall not apply in relation to the occupation of land which comprises woodlands or is being prepared for use for forestry purposes.

;

but the amendment made by this sub-paragraph shall not apply in relation to land which is being prepared for use for forestry purposes if the requirements of paragraph 4(3) above are satisfied with respect to it.

8

In sections 380(4), 383(12)(a) and 385(6) of the Taxes Act 1988, for the words “section 54” there shall be substituted the words “paragraph 4 of Schedule 6 to the Finance Act 1988”.

9

Sub-paragraphs (1), (4) and (8) above shall be deemed to have come into force on 15th March 1988; and sub-paragraphs (2), (3) and (5) to (7) above shall be deemed to have come into force on 6th April 1988.

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<num>SCHEDULE 6</num>
<heading>Commercial Woodlands</heading>
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<p>In section 69 of the Capital Allowances Act 1968, in the definition of “forestry land”, and in section 85(4) of that Act, for any reference to section 111 of the Taxes Act 1970 or section 54 of the Taxes Act 1988 there shall be substituted a reference to paragraph 5 of this Schedule.</p>
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<p>but the amendment made by this sub-paragraph shall not apply in relation to land which is being prepared for use for forestry purposes if the requirements of paragraph 4(3) above are satisfied with respect to it.</p>
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<p>In sections 168(8), 169(10) and 171(5) of the Taxes Act 1970, for the words “section 111 of this Act” there shall be substituted the words “paragraph 4 of Schedule 6 to the Finance Act 1988”.</p>
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In section 113(1) of the
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<p>for the words “land assessed to income tax or corporation tax under Schedule B” there shall be substituted the words “woodlands managed by the occupier on a commercial basis and with a view to the realisation of profits”;</p>
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<p>but the amendment made by this sub-paragraph shall not apply in relation to land which is being prepared for use for forestry purposes if the requirements of paragraph 4(3) above are satisfied with respect to it.</p>
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<p>In sections 380(4), 383(12)(a) and 385(6) of the Taxes Act 1988, for the words “section 54” there shall be substituted the words “paragraph 4 of Schedule 6 to the Finance Act 1988”.</p>
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<p>Sub-paragraphs (1), (4) and (8) above shall be deemed to have come into force on 15th March 1988; and sub-paragraphs (2), (3) and (5) to (7) above shall be deemed to have come into force on 6th April 1988.</p>
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