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Is capital gains tax payable on profits from the sale of trees in commercial woodlands?

Yes

What is the tax treatment of profits arising from the occupation of commercial woodlands?

Profits are chargeable to Income Tax

Profits are chargeable to Corporation Tax

Profits are not chargeable to Income Tax or Corporation Tax

Profits are chargeable to both Income Tax and Corporation Tax

Can capital allowances be claimed for capital expenditure on plant or machinery connected with commercial woodlands?

Yes

Are losses from commercial woodlands eligible for tax relief?

Yes

Which section of the Taxation of Chargeable Gains Act states that profits from the sale of trees in commercial woodlands are exempt from Capital Gains Tax?

TCGA92/S250

TCGA92/S22

TCGA92/S262

TCGA92/S134

If a commercial woodland is sold, how should the gain arising on that disposal be calculated?

Include the value of the land and trees

Ignore the part of the sale proceeds that relates to the trees growing on the woodland

Calculate based on the total sale price

Use the average market value of the trees and land

What happens to the costs attributable to trees when a woodland is purchased by a dealer in land?

They are included in the computation of profits

They are disregarded in the computation of profits

They can be claimed as a loss

They are treated as capital gains

Are annual payments received by farmers under certain grant schemes for commercial woodlands taxable?

Yes