Irish Forestry Services has introduced its second Forestry Investment Plan and is hoping to raise €2 million (£1.6 million) from investors. The independent forest managers are offering projected tax-free returns of 9.6 per cent per annum with a minimum investment of £500 (€635) required.

Monies raised will be used to purchase new and semi-mature woodlands, and plant and maintain them for 10 years on behalf of investors. The woodlands will then be sold and the proceeds will be distributed on a tax-free basis to shareholders.

The plan will close to investors on May 11th.