Taxes Consolidation Act, 1997 (Number 39 of 1997)

232 Profits from occupation of certain woodlands.[FA69 s18(1) and (2)(c); CTA76 s11(6); FA96 s132(2) and Sch5 PtII]
(1) In this section—
“occupation”, in relation to any land, means having the use of that land;
“woodlands” means woodlands in the State.
(2) Except where otherwise provided by section 75, the profits or gains arising from the occupation of woodlands managed on a commercial basis and with a view to the realisation of profits [1]>shall not be taken into account for any purpose of the Tax Acts<[1][1]>shall be exempt from income tax and corporation tax.<[1]
[2]>
(3) As respects the making of a return of income (being a return which a chargeable person, [3]>within the meaning of section 950, is required to deliver under section 951<[3][3]>within the meaning of Part 41A, is required to deliver under Chapter 3 of that Part<[3]), the Tax Acts shall apply—
(a) as if subsection (2) had not been enacted,
(b) notwithstanding anything to the contrary in [4]>Part 41<[4][4]>Part 41A<[4], as if a person to whom profits or gains referred to in subsection (2) arise for any chargeable period (within the meaning of section 321(2)) were, if such person would not otherwise be, a chargeable person (within the meaning of [5]>section 950<[5][5]>Part 41A<[5]) for that chargeable period,
(c) where a person to whom profits or gains referred to in subsection (2) arise for any chargeable period (within the meaning of section 321(2)) is a person to whom a notice under [6]>section 951(6)<[6][6]>section 959N<[6] has been issued, as if such a notice had not been issued, and
(d) in so far as those Acts relate to the keeping of records (within the meaning of section 886) and the making available of such records for inspection, as if such profits or gains were chargeable to income tax or corporation tax, as the case may be.
(4) For the purposes of subsection (3)—
(a) profits or gains referred to in subsection (2) or a loss referred to in paragraph (b) shall be computed in accordance with the Tax Acts as if subsection (2) had not been enacted, and
(b) where a loss is incurred for any chargeable period (within the meaning of section 321(2)), the amount of that loss shall be included in the return of income referred to in subsection (3) for that chargeable period.
<[2]