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Time to venture down the rabbit hole into the strange world of capital gains tax entrepreneurs’ relief, where nothing is quite what it seems
KEY POINTS
- The implications of non-business activities – including woodlands – on entrepreneurs’ relief.
- The capital gain on the growing of trees is exempt under TCGA 1992 s 250.
- The commercial occupation of UK woodlands is not a trade or part of a trade for any income tax purpose.
- Are the woodlands part of a larger parcel of land or completely separate?
- For trustees’ disposals it is necessary to look at each asset and apply the business use test.
Please do not stop reading this article when you think you realise what it may be about – not least because you might be wrong. The reason for reading to the very end is that this article includes comment on the application of the capital gains tax entrepreneurs’ relief provisions to gains...
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