The Fifth Irish Forestry Fund is seeking to raise £3 million (€3.8 million) before the end of April. Investors can subscribe for multiple units of £500 worth of shares in the fund and will qualify to receive a tax free return on their investment.

The fund's promoter, Mr Declan Kennedy, forecasts that a one-off investment of £500 should result in a tax free distribution of £17,000 once the fund has been wound up.

Funds raised through the Fifth Irish Forestry Fund will be used to purchase land suitable for forestry in Ireland. Investors have typically put around £1,500 each into these funds. Using current forest grants the land will be planted at no charge to the fund and once mature - in 30 years - the forests will be sold to the highest bidding mill, with the underlying land sold in the open market. At that stage the fund will be wound up and all of the profits will be distributed to the shareholders.

The fund can be contacted at 01 284 1777.