Making an electionU.K.
16(1)An election under paragraph 15 must be made—U.K.
(a)for capital gains tax purposes, by being included in a relevant return under TMA 1970, and
(b)for corporation tax purposes, by being included in a relevant company tax return.
(2)A return under TMA 1970 is relevant if it is for—
(a)the tax year in respect of which the election is made, or
(b)a subsequent relevant tax year.
(3)A company tax return is relevant if it is for—
(a)the accounting period in respect of which the election is made, or
(b)a subsequent relevant accounting period.
(4)The references in sub-paragraph (1) to an election being included in a return include an election being included by virtue of an amendment of the return.
(5)An election under paragraph 15 is irrevocable.