Corporation Tax Act 2009 section 134

Purchase or sale of woodlands

Section 134, which deals with the tax treatment of purchases or sales of woodlands, is subject to a transitional rule that excludes contracts entered into before a specified historical date.

• Section 134 governs the corporation tax treatment of woodland purchases and sales.
• A transitional exemption applies where the purchase contract was entered into before 1 May 1963.
• If the contract predates 1 May 1963, section 134 does not apply to that transaction.
• This preserves the tax treatment that applied under the law in force at the time of those earlier contracts.