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Finance Act 1963

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This is the original version (as it was originally enacted).

48Dealers in land: provisions as to purchase and sale of woodlands

(1)In computing for income tax purposes the profits or gains of a trade of dealing in land, so much of the cost of woodlands in the United Kingdom purchased in the course of the trade shall be disregarded as is attributable to trees growing on the land.

(2)Where any amount has been disregarded under the foregoing subsection, and on a subsequent sale of the woodlands in the course of the trade all or any of the trees to which the amount disregarded was attributable are still growing on the land, so much of the price for the land shall be disregarded, in computing the profits or gains of the trade for income tax purposes, as is equal to the amount disregarded under the foregoing subsection in respect of those trees.

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

(4)This section shall not apply where the purchase was made under a contract entered into before the 1st May 1963.

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