There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 257.
(1)This section applies if a post-cessation receipt is received by a person (or a person's personal representatives) in a tax year beginning no later than 6 years after the person permanently ceased to carry on the trade.
(2)The person (or the person's personal representatives) may elect that the tax chargeable in respect of the receipt is to be charged as if the receipt had been received on the date of the cessation.
(3)But this is subject to paragraph 5 of Schedule 1B to TMA 1970 (election given effect in the tax year in which the receipt is actually received).
(4)The election must be made on or before the first anniversary of the normal self-assessment filing date for the tax year.
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