Property for sale in Frome, BA11
Witham Friary, Frome, BA11£80,000
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Full Details for Property for sale in Frome, BA11 :
A block of just under 14 acres of mature, ancient woodland located within the glorious Witham Vale, with both conservation and amenity appeal.
DESCRIPTION Set on the edge of the Cranborne Chase Area of Outstanding Natural Beauty this super parcel of ancient woodland is surrounded by rolling pasture land at the foot of Gare Hill and the Longleat, Stourhead and Duke of Somerset's estates. The woodland measures just under 14 acres and access to the woodland is over an adjoining field, unfortunately there is no road frontage.
TAXATION Taxation of Woodlands
Woodlands managed on a commercial basis and with a view to the realisation of the profits are outside the scope on Income Tax and Corporation Tax. Therefore profits arising from such woodlands are not chargeable. Relief is not available for losses suffered, capital allowances cannot be claimed on capital expenditure incurred on plant or machinery, and no relief is available for expenditure incurred on the preliminary clearance of the woodland. Profits from the sale of trees in commercial woodland are exempt from Capital Gains Tax.
Under Woodland Relief, when you die, the beneficiaries of your woodland can ask that the value of timber, but not the land, be excluded from the estate. However, when the timber is sold, the beneficiaries may have to pay Inheritance Tax on the value of the sale unless it also qualifies for relief.
Business Relief and/or Agricultural Relief may also be available.
For more information consult a tax advisor or see hmrc.gov.
SPORTING RIGHTS The sporting rights are in hand and included in the sale.
RIGHTS OF WAY There are no rights of way or footpaths over the woodland.
DESCRIPTION Set on the edge of the Cranborne Chase Area of Outstanding Natural Beauty this super parcel of ancient woodland is surrounded by rolling pasture land at the foot of Gare Hill and the Longleat, Stourhead and Duke of Somerset's estates. The woodland measures just under 14 acres and access to the woodland is over an adjoining field, unfortunately there is no road frontage.
TAXATION Taxation of Woodlands
Woodlands managed on a commercial basis and with a view to the realisation of the profits are outside the scope on Income Tax and Corporation Tax. Therefore profits arising from such woodlands are not chargeable. Relief is not available for losses suffered, capital allowances cannot be claimed on capital expenditure incurred on plant or machinery, and no relief is available for expenditure incurred on the preliminary clearance of the woodland. Profits from the sale of trees in commercial woodland are exempt from Capital Gains Tax.
Under Woodland Relief, when you die, the beneficiaries of your woodland can ask that the value of timber, but not the land, be excluded from the estate. However, when the timber is sold, the beneficiaries may have to pay Inheritance Tax on the value of the sale unless it also qualifies for relief.
Business Relief and/or Agricultural Relief may also be available.
For more information consult a tax advisor or see hmrc.gov.
SPORTING RIGHTS The sporting rights are in hand and included in the sale.
RIGHTS OF WAY There are no rights of way or footpaths over the woodland.
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