SCHEDULES

SCHEDULE 21 Self-assessment: time limits

The Taxation of Chargeable Gains Act 1992 (c. 12)

39

In section 244 of the Taxation of Chargeable Gains Act 1992 (part disposal: consideration exceeding allowable expenditure) after subsection (2) there shall be inserted—

3

An election under subsection (2)(b) above shall be made—

a

for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the part disposal is made;

b

for the purposes of corporation tax, within 2 years after the end of the accounting period in which the part disposal is made.