# Finance Act 2009, 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.

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Source: https://www.legislation.gov.uk/ukpga/2009/10/schedule/22/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-2009/schedule-22/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.