Textual Amendments
F1Pt. 14 Ch. 3A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 71 (with Sch. 9 paras. 1-9, 22)
(1)This section applies if a winding up receipt arising from the deposit-taking trade is received in a tax year beginning no later than 6 years after the company permanently ceased to carry on the trade.
(2)The company or its liquidator may elect that the income tax chargeable under this Chapter in respect of the receipt is to be charged as if the receipt has been received on the date of the cessation.
(3)The election must be made before the end of the period of two years beginning immediately after the end of the tax year in which the receipt is received.
(4)If an election is made under this section an assessment to income tax must be made accordingly (regardless of anything in the Income Tax Acts).]