200Election to pay tax rather than make balancing paymentsU.K.
(1)If each of the pre-conditions (see section 199) is met, the disadvantaged person may make an election—
(a)to make no balancing payment within section 196 to the advantaged person in connection with section 147(3) or (5) applying because of section 152 in relation to the relevant security in a chargeable period, but
(b)instead, to undertake sole responsibility for discharging the advantaged person's liability to tax for that period so far as resulting from section 147(3) or (5) applying because of section 152 in relation to the relevant security.
(2)Section 203 contains provision about the making and effect of elections under this section.
(3)In this section, the following expressions have the meaning given by section 199—
“the advantaged person”,
“the disadvantaged person”, and
“the relevant security”.