Regulation 3 Elections for trades

Subject to the following provisions of these Regulations, a company carrying on a trade may by notice given to the inspector elect to have the basic profits and losses of the trade computed and expressed for the purposes of corporation tax in a specified local currency.

A company may not make an election under this regulation for a trade for an accounting period if there is in force an election under regulation 4 for that accounting period and any part of that trade.