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One of my clients has just announced that he has purchased a wood and wishes to discuss possible uses and the tax implications. As a city-based practice I have not dealt with this topic before, although I believe that there is no tax on the sale of wood itself.
One of my clients has just announced that he has purchased a wood and wishes to discuss possible uses and the tax implications. As a city-based practice I have not dealt with this topic before although I believe that there is no tax on the sale of wood itself.
When he informed me of this my client mentioned in passing some ideas such as coppicing and the sale of fallen timber fishing rights ('a river runs through it') letting it out for paintballing eco-friendly funerals and even non-income producing activities such as allowing it to be used for nature studies etc. by local schools.
Can readers give me any general advice on these topics?
Have I got one or several business possibilities here? And any tips on the potential tax problems or issues that might arise would be...
