Point in time view as at 26/05/2015.
Taxation of Chargeable Gains Act 1992, Cross Heading: Sub-fund elections: procedure is up to date with all changes known to be in force on or before 07 March 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.
Textual Amendments
F1Sch. 4ZA inserted (with effect in accordance with Sch. 12 para. 6(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 6(2)
10U.K.A sub-fund election must be made—
(a)by notice to an officer of Revenue and Customs, and
(b)in such form as the Commissioners for Her Majesty's Revenue and Customs may require.
11U.K.A sub-fund election may not be made after the second 31st January after the year of assessment in which the date on which the election is to be treated as having taken effect falls.
12U.K.A sub-fund election must contain—
(a)a declaration by each trustee of the principal settlement that he consents to the election,
(b)a statement by the trustees of the principal settlement that the requirement in paragraph 3 is satisfied,
(c)such information as the Commissioners for Her Majesty's Revenue and Customs may require in relation to the principal settlement (which may, in particular, include information relating to the trustees, the trusts, property which is or has been comprised in the settlement, the settlors or the beneficiaries),
(d)a declaration by the trustees of the principal settlement that the information given in the election is correct, to the best of their knowledge and belief, and
(e)such other declarations as the Commissioners for Her Majesty's Revenue and Customs may require.
13U.K.A sub-fund election may not be revoked.]
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