§ Mr. McCrindleasked the Chancellor of the Exchequer whether he proposes any change in the income tax arrangements which apply to the occupation of woodlands managed on a commercial basis.
§ Sir Geoffrey HoweI have been considering this matter in the light of the comments and recommendation of the Public Accounts Committe in its eighth report. The present taxation arrangements for woodlands have existed for a considerable time and I recognise the important part which they play in encouraging investment by the private sector in the industry. It is particularly important in an industry with the long timescale of forestry for there to be stability in the tax arrangements so that confidence is maintained. In the light of these considerations, I have concluded that no change should be made to the present income tax arrangements.