Finance (No. 2) Act 1992

12 (1) An individual may elect that paragraph 11 above shall apply to him for a year of assessment. U.K.

(2) An election under this paragraph—

(a) shall (unless withdrawn) have effect for the year of assessment for which it is made and for subsequent years of assessment,

(b) [F1 on or before—

(i) the first anniversary of the 31st January next following the year of assessment for which it is made, or

(ii) such later date as the Board may in any particular case allow, and]

before the end of the period of one year beginning with the end of the year of assessment for which it is made or such longer period as the Board may in any particular case allow, and

(c) must be made in writing to [F2 an officer of the Board].

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

(4) A notice of withdrawal under this paragraph—

(a) [F3 on or before—

(i) the first anniversary of the 31st January next following the year of assessment for which it is given, or

(ii) such later date as the Board may in any particular case allow,]

before the end of the period of one year beginning with the end of the year of assessment for which it is given or such longer period as the Board may in any particular case allow,

(b) must be given in writing to [F4 an officer of the Board], and

(c) shall not prejudice the making of a fresh election for any subsequent year of assessment.

(5) Sub-paragraph (6) below applies where—

(a) an individual is a qualifying individual for a year of assessment,

(b) the amount of the sums mentioned in paragraph 2(1) above does not exceed the individual’s limit for the year, and

(c) an election under this paragraph has effect (apart from sub-paragraph (6) below) for the year.

(6) In such a case—

(a) the individual shall be deemed to have given notice to withdraw the election for the year of assessment concerned,

(b) the notice shall be deemed to have been given on the [F5 first anniversary of the 31st January next following] the year of assessment concerned, and

(c) sub-paragraphs (3) and (4)(c) above and (7) below shall apply accordingly.

(7) 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 [F6 on or before the first anniversary of the 31st January next following the year of assessment in which] the election was made or (as the case may be) the notice to withdraw was given.

Textual Amendments

F1 Words in Sch. 10 para. 12(2)(b) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(4)(a)

F2 Words in Sch. 10 para. 12(2)(c) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(4)(b)

F3 Words in Sch. 10 para. 12(4)(a) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(5)(a)

F4 Words in Sch. 10 para. 12(4)(b) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(5)(b)

F5 Words in Sch. 10 para. 12(6)(b) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(6)

F6 Words in Sch. 10 para. 12(7) substituted (29.4.1996 with effect as mentioned in s. 135(2) of the substituting Act) by 1996 c. 8, s. 135(1), Sch. 21 para. 47(7)