{
  "url": "https://openlegislation.uk/finance-act-2012/schedule-36/paragraph-15",
  "json_url": "https://openlegislation.uk/finance-act-2012/schedule-36/paragraph-15.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "schedule/36/paragraph/15",
  "kind": "paragraph",
  "number": "15",
  "heading": null,
  "text": "(1) The effect of the relevant certificate depends on whether P makes an election under paragraph 16 in respect of the underlying account for the applicable year.\n(2) “The applicable year” is the tax year for which P is liable to income tax or, as the case may be, capital gains tax on the cleared amount.\n(3) If P makes an election, the transferred sum is to be treated as if it were a credit allowable against the income tax or, as the case may be, capital gains tax due from P for the applicable year.\n(4) If P does not make an election, P ceases to be liable to income tax or, as the case may be, capital gains tax on the cleared amount.\n(5) Sub-paragraph (4) is to be read in accordance with paragraph 7.\n(6) Where P ceases to be liable to tax on the cleared amount, P also ceases to be liable to any ancillary charge directly connected with that amount.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/schedule/36/paragraph/15",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}