Part 12 Supplementary provisions

Chapter 5 Miscellaneous

Sales treated as being for alternative amount

570 Elections: supplementary

(1)

Section 569(1) does not apply to a sale that is relevant for the purposes of Part F1 3A, 4 or 4A F2 .

(2)

No election under section 569 may be made if—

(a)

the circumstances of the sale or the parties to it mean that a relevant allowance or charge will not be capable of falling to be made, or

(b)

the buyer is a dual resident investing company.

(3)

In subsection (2)(a) “ relevant allowance or charge ” means an allowance or charge under Part 3, 5, 6, 9 or 10 which (ignoring the circumstances mentioned in subsection (2)(a)) would or might fall to be made, as a result of the sale, to or on any of the parties to it.

(4)

If the sale is relevant for the purposes of Part 10, no election under section 569 may be made unless, at the time of the sale or any earlier time, both the seller and the buyer are or have been approved bodies (as defined in section 492).

(5)

An election under section 569 must be made by notice to the Inland Revenue not later than 2 years after the sale.