income from woodland not taxable

[rav147]

Hi all, Have been considering purchase of small woodland with a view to selling the timber for profit and then planting more trees. Was pleasantly surprised to read there is no income tax or CGT on the sale of timber from a commercial woodland and my question was:

1: how is the tax relief provided by HMRC?

and/or

2: how is the income reported to HMRC?

I don't recall a "have you any income from commercial woodland?" question on the self assessment tax return

Thanks

[maths]

Specific legislation provides that income and capital gains arising from the commercial occupation of woodland are outside the scope of both taxes.

ITTOIA 2005 s11 and TCGA 1992 s250.

[rav147]

Thanks for the reply.

does the income require to be reported to HMRC?

if yes, how would this be done? letter/email or a specific form?

thanks

[maths]

No.

[rav147]

thanks

[RobHiam1991]

Would be really interested to learn more about what this covers - where did you find out this info?