Regulation 47 Part trade elections for new part trades

In regulation 9 after paragraph (3) there shall be added—

“(4)

Subject to the following provisions of these Regulations, an election for a part of a trade which a company begins to carry on at a time (“the relevant time”) in an accounting period that is not the beginning of that accounting period shall have effect as respects that part for all accounting periods beginning on or after the relevant time if the election is made before the relevant time.”