Revenue Precedents

Whether forestry premium income from occupation of woodlands on a commercial basis. Yes. IT892033

A person intends to plant a small area of holly. Small amounts of foliage can be harvested after 3 years but the main harvest will arise after 6 to 10 years. Is the profit arising from the sale of the holly exempt under section 232 Taxes Consolidation Act 1997? The profits from the sale of foliage from holly bushes are not regarded as profits arising from the occupation of woodlands and are therefore not exempt. IT933006

Profits from the planting and harvesting of Christmas trees are exempt under the section. IT 96 3506