Section 229F Election to make one member of a group liable for untaxed amountsF1

(1)

The filing member of the group may elect for an accounting period that—

(a)

section 229E does not apply, and

(b)

instead, a member of the group specified in the election is to be allocated the whole of the UK proportion of each untaxed amount that would be otherwise be allocated between the qualifying members of the group located in the United Kingdom.

(2)

A member of the group may only be specified in the election if—

(a)

the member is located in the United Kingdom, and

(b)

the member has consented to the election.

(3)

Paragraph 2 of Schedule 15 (annual elections) applies to an election under this section, and has effect for that purpose as if references to an information return or overseas return notification were to a self-assessment return or below-threshold notification.

Annotations

Textual amendments

F1: Pt. 3 Ch. 9A inserted (in relation to accounting periods commencing on or after 31.12.2024) by Finance Act 2025 (c. 8), Sch. 4 paras. 5, 10

Notes on Part 3

Modifications

C1: Pt. 3 modified (2.12.2025) by Finance Act 2026 (c. 11), Sch. 8 paras. 32, 53(3)