Main provision
5(1)Section 18F is amended as follows.
(2)In subsection (1)(a) for “subsection (6)” substitute “subsections (6) to (8)”.
(3)For subsection (2) substitute—
“(2)The relevant day”, in relation to an election made by a UK resident company, means—
(a)the day on which, at the time of the election, the company’s accounting period following that in which the election is made is expected to begin, or
(b)if the election is made before the company’s first accounting period, the day on which that accounting period begins.
(2A)“The relevant day”, in relation to an election made by a non-UK resident company, means the day on which the company becomes UK resident.”
(4)In subsection (6) for “The election can be revoked” substitute “An election can be revoked by the company which made it”.
(5)After subsection (6) insert—
“(7)An election made by a UK resident company is revoked if the company ceases to be UK resident.
(8)An election made by a non-UK resident company is revoked if, having become UK resident, the company ceases to be UK resident.”