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Amendments of law with respect to incomet ax on woodlands.
53 & 54 Vict. c. 8.
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38.—(1) Any person occupying woodlands who proves to the satisfaction of the Special Commissioners that those woodlands are managed by him on a commercial basis, and with a view to the realisation of profits, shall have the same right under subsection (4) of section twenty-two of the Finance (No. 2) Act, 1915, to elect to be charged under Schedule D as a person who proves those facts to the satisfaction of the General Commissioners, but an application to prove those facts in any year in respect of the same woodlands must be made either to the General or Special Commissioners, and not to both.
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(2) Paragraph (a) of subsection (4) of section twenty-two of the Finance (No. 2) Act, 1915 (which provides that the election shall extend to all woodlands managed onteh same estate), shall not apply to woodlands managed on the same estate), shall not apply to woodlands which are planted or replanted after the passing of this Act, if the person occupying those woodlands gives notice to the General or Special Commissioners within a year after the time when they are so planted or replanted that they are to be treated for the purpose of that paragraph as being woodlands on a separate estate.
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(3) Section twenty-three of the Customs and Inland Revenue Act, 1890 (which givs relief to trading persons in case of loss), shall, where a person occupying woodlands has elected to be charged to income tax in respect of those woodlands under Schedule D, apply to losses on those woodlands as at applies to losses in any trade.
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