Finance (No. 2) Act 1992

10 (1) An individual may elect that paragraph 9 above shall not apply to him for a year of assessment, and (unless withdrawn) the election shall have effect accordingly.

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

(3) An individual who has made an election under this paragraph for a year of assessment may give a notice to withdraw the election, and if he does so the election shall not have effect for that year.

(4) An election, or notice of withdrawal, under this paragraph—

(a) must be made or given before the end of the period of one year beginning with the end of the year of assessment concerned or such longer period as the Board may in any particular case allow, and

(b) must be made or given in writing to the inspector.

(5) In a case where—

(a) an election is made, or a notice to withdraw an election is given, under this paragraph, and

(b) in order to give effect to the election or its withdrawal it is necessary to make an adjustment by way of an assessment,

the assessment shall not be out of time if it is made before the end of the period of one year beginning with the day when the election was made or (as the case may be) the notice to withdraw was given.