# Taxation of Chargeable Gains Act 1992, Paragraph 2


(1) An election under paragraph 1 (a “sub-fund election”) must specify the date on which it is to be treated as having taken effect, which must not be later than the date on which it is made.
(2) The election shall be treated as having taken effect—
(a) at the beginning of the specified date, or
(b) if there is a deemed disposal of an asset by the trustees of the principal settlement under section 71(1) (by virtue of paragraph 19) or section 80(2) (by virtue of paragraph 18(2)), on the specified date immediately after the deemed disposal.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/4ZA/paragraph/2 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-4ZA/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.