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Alan, A client is disposing of woodlands on which timber is standing, we are deeming that section 564 applies and the proceeds are apportioned to exclude income for the trees from the CGT computations. Are we correct in deeming that this income is not liable to USC and PRSI either on the basis that the profits from the sale of land with standing timber do not fall within the exemption of section 232 TCA 1997? Many thanks, Aileen

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Asked on 1 September 2015 10:11 am