Paragraph 16
(1)
An election under paragraph 15 must be made—
(a)
for capital gains tax purposes, by being included in a relevant return under TMA 1970, and
(b)
for corporation tax purposes, by being included in a relevant company tax return.
(2)
A return under TMA 1970 is relevant if it is for—
(a)
the tax year in respect of which the election is made, or
(b)
a subsequent relevant tax year.
(3)
A company tax return is relevant if it is for—
(a)
the accounting period in respect of which the election is made, or
(b)
a subsequent relevant accounting period.
(4)
The references in sub-paragraph (1) to an election being included in a return include an election being included by virtue of an amendment of the return.
(5)
An election under paragraph 15 is irrevocable.