CHAPTER 6

Application

Overview

This Chapter sets out how the provisions of this Part shall be applied.

267U Application

(1) The tax treatment provided in this Part will only apply where a person who is a party to the transaction and is within the charge to tax elects that the legislation should apply.

(2) The election must be made to the inspector of taxes on an approved form and may be made in respect of one transaction or a series of transactions.

(3) Where an election is made, the party making the election must notify any other party to the transaction that this Part applies to that transaction.

Relevant Date: Finance Act 2021