9(1)Where paragraph 8 applies the [F1company which is chargeable to corporation tax] in respect of any adjustment charge may elect that the adjustment charge shall be spread over six periods of account in accordance with the following provisions.
(2)The election must be made—
(a)by notice in writing,
(b)to an officer of the Board,
(c)within [F2twelve months of the end of the first accounting period to which the new basis applies].
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)If an election is made, then, in each of the six periods of account beginning with the first period to which the new basis applies an amount equal to one-sixth of the amount of the adjustment charge is treated as arising and chargeable to [F4corporation tax].
(5)If before the whole of the adjustment charge has been charged to [F5corporation tax] the trade, profession or vocation is permanently discontinued, the whole of the amount so far as not previously brought into charge to [F5corporation tax] is treated as arising and chargeable to [F5corporation tax] immediately before the discontinuance.
Textual Amendments
F1Words in Sch. 22 para. 9(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(5)(a) (with Sch. 2)
F2Words in Sch. 22 para. 9(2)(c) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(5)(b) (with Sch. 2)
F3Sch. 22 para. 9(3) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(5)(c), Sch. 3 (with Sch. 2)
F4Words in Sch. 22 para. 9(4) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(5)(d) (with Sch. 2)
F5Words in Sch. 22 para. 9(5) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(5)(e) (with Sch. 2)