232 Profits from occupation of certain woodlands

Summary

This section provides that profits/gains from the commercial occupation of woodlands in the State are exempt from income tax and corporation tax.

However, for chargeable periods commencing on or after 1 January 2004 details of all such profits, gains and loses must be included in the annual return of income to the Revenue Commissioners. The normal rules relating to the keeping of records and the making available of those records for inspection by the Revenue also apply.

Details

(1) For the purposes of this section “occupation” means having use of land and “woodlands” means woodlands in the State.

(2) Profits or gains arising from the occupation of woodlands on a commercial basis are exempt from income tax and corporation tax.

(3) The provisions of the Tax Acts relating to the making of a return (Chapter 3 of Part 41A) by a chargeable person (Part 41A) apply—

• as if section 232(2) had not been enacted,
• as if a person who is in receipt of income for a chargeable period (section 321(2)) from this source were a chargeable person,
• as if any person who may have had a notice issued to them under (section 959N) (exemption from need to submit a return) had not been issued such a notice, and
• so as to oblige persons in receipt of income from the occupation of woodlands to keep records as if the income was chargeable to tax.

(4)(a) Profits, gains and losses are to be computed in accordance with the Tax Acts, ignoring subsection (2) (the provision giving exemption from tax).

(4)(b) Where a loss is made, then the amount of that loss is to be included in the return.

Relevant Date: Finance Act 2021