Paragraph 21 F1

An election under any provision of this Schedule must (regardless of section 42(2) of the Management Act) be made by being included in a relevant return relating to the disposal.

For the purposes of this paragraph a “relevant return” means—

An election under any provision of this Schedule which is made by being included in a return under Schedule 2 to the Finance Act 2019 may be subsequently revoked by provision included in an ordinary tax return which is delivered on or before the filing date for the ordinary tax return.

Subject to that, an election under any provision of this Schedule is irrevocable.

All such adjustments are to be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under any provision of this Schedule.

For the purposes of this paragraph, in the case of a person other than a company—

• “ordinary tax return” means a return under section 8 or 8A of the Management Act, and

• “the filing date”, in relation to that return, has the meaning given by section 9A(6) of that Act.

For the purposes of this paragraph, in the case of a company—

• “ordinary tax return” means a company tax return under Schedule 18 to the Finance Act 1998, and

• “the filing date”, in relation to that return, has the meaning given by paragraph 14 of that Schedule.

For the purposes of this paragraph—