Finance Act 2012

4 (1) Section 201 (elections under sections 198 and 199: procedure) is amended as follows. U.K.

(2) In subsection (1), at the end insert—

“But this is subject to subsection (1A).”

(3) After that subsection insert—

“(1A) Where—

(a) the requirement of subsection (6) of section 187A (effect of changes in ownership of fixture: fixed value requirement) applies, or may in future apply by reason of a person being required to bring the disposal value of plant and machinery into account in accordance with item 1, 5 or 9 of the Table in section 196,

(b) an application is made to the tribunal for the purposes of section 187A(7)(a), and

(c) that application is not determined before the end of the period mentioned in subsection (1) of this section,

subsection (1) does not apply and an election within section 187A(7)(b) may be made by notice to an officer of Revenue and Customs at any time before the tribunal determines the application or the application is withdrawn.”

(4) For subsection (3)(f) substitute—

“(f) in relation to each of the persons making the election—

(i) that person's Unique Taxpayer Reference, or

(ii) that the person does not have a Unique Taxpayer Reference.”