Commentary on Sections Part 10: Miscellaneous income Overview Section 980: Exemption for commercial occupation of woodlands in UK
2502.This section exempts income arising from the occupation of commercial woodlands from any charge under this Chapter. It is based on paragraphs 2 and 3 of Schedule 6 to FA 1988. The corresponding rule for income tax is in section 768 of ITTOIA.
2503.A consequence of this exemption is that no loss relief is available under section 396 of ICTA (losses from miscellaneous transactions). A requirement of that section is that any profit on the transaction would be liable to corporation tax.
2504.This section is complemented by sections 37 and 208 of this Act. The combined effect of these three sections is that income from the occupation of commercial woodlands is ignored for corporation tax purposes.
2505.The interpretation of commercial occupation of woodlands in subsection (2) is supplemented by the definition of “woodlands” in section 1317(4) of this Act.