[F1434Elections under section 433U.K.
(1)An election under section 433—
(a)must be made before [F2the end] of the accounting period in relation to which it is to have effect, and
(b)has effect in relation to that accounting period and all subsequent accounting periods (subject to subsections (2) to (4)).
(2)An election under section 433 may be revoked.
(3)A revocation of an election under section 433—
(a)must be made before the beginning of the accounting period from which the revocation is to have effect, but
(b)cannot have effect in relation to any accounting period that begins before the end of the period of 5 years beginning with the first day of the first accounting period in relation to which the election had effect.
(4)Once revoked, a fresh election may be made under section 433 but cannot have effect in relation to any accounting period that begins before the end of the period of 5 years beginning with the first day of the accounting period from which the revocation had effect.
(5)If—
(a)a qualifying infrastructure company transfers to another company a business, or a part of a business, that consists of the carrying on of qualifying infrastructure activities,
[F3(ab)the time of the transfer falls in a period of account of a worldwide group of which both the transferor and transferee are members,] and
(b)the transferee has not made an election under section 433 that has effect for the accounting period in which the transfer takes place,
the transferee is to be treated as if it had made the election under that section that the transferor had made.
(6)If a company has made an election under section 433 that has effect in relation to an accounting period, the company—
(a)may not make an election under section 18A of CTA 2009 that has effect for the accounting period, and
(b)may not make a claim for relief under Chapter 2 of Part 2 for the accounting period.]
Textual Amendments
F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)
F2Words in s. 434(1)(a) substituted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 8(2), 23(1)
F3S. 434(5)(ab) inserted (retrospectively) by Finance Act 2018 (c. 3), Sch. 8 paras. 8(3), 23(1)