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Finance Act 2003

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Changes over time for: Cross Heading: Election for alternative method

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Version Superseded: 06/04/2005

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Status:

Point in time view as at 10/07/2003.

Changes to legislation:

Finance Act 2003, Cross Heading: Election for alternative method is up to date with all changes known to be in force on or before 25 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Election for alternative methodU.K.

14(1)An individual may elect—U.K.

(a)for the alternative method of calculating profits given in paragraph 12 or 13 to apply if the conditions specified in paragraph 11(a), (b) and (c) are met, and

(b)for the alternative method of calculating profits given in sub-paragraph (5) of paragraph 15 to apply if the conditions specified in paragraphs (a) and (b) of sub-paragraph (4) of that paragraph are met.

(2)An election under this paragraph has effect for the year of assessment for which it is made.

(3)Subject to sub-paragraphs (5) and (6), an election under this paragraph must be made on or before the election deadline for the year of assessment to which it relates.

(4)The election deadline for a year of assessment is—

(a)the first anniversary of the 31st January next following that year of assessment, or

(b)such later date as the Board may in any particular case allow.

(5)If—

(a)an individual does not make an election under this paragraph for a year of assessment on or before the election deadline for that year, and

(b)an adjustment is made after that deadline to the profits from his provision of foster care on which he is chargeable to tax for that year,

the individual may make an election under this paragraph for the year on or before the date specified in sub-paragraph (6).

(6)That date is—

(a)the first anniversary of the 31st January next following the year of assessment in which the adjustment is made, or

(b)such later date as the Board may in any particular case allow.

(7)Any election under this paragraph must be made in writing to an officer of the Board.

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