Taxation of Chargeable Gains Act 1992 (c. 12)

Part VII U.K. Other property, businesses, investments etc.

[F1 Woodlands] U.K.

Textual Amendments

F1 S. 249 cross-heading substituted (with effect in accordance with Sch. 39 para. 49(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 49(2)

F2 249 Grants for giving up agricultural land. U.K.

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Textual Amendments

F2 S. 249 repealed (with effect in accordance with Sch. 39 para. 49(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 49(1)

250 Woodlands. U.K.

(1) Consideration for the disposal of trees standing or felled or cut on woodlands managed by the occupier on a commercial basis and with a view to the realisation of profits shall be excluded from the computation of the gain if the person making the disposal is the occupier.

(2) 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 such woodlands shall be excluded from the computation of the gain if the person making the disposal is the occupier.

(3) Subsection (2) above has effect notwithstanding section 22(1).

(4) In the computation of the gain so much of the cost of woodland in the United Kingdom shall be disregarded as is attributable to trees growing on the land.

(5) In the computation 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.

(6) References in this section to trees include references to saleable underwood.