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Finance Act 2002

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This is the original version (as it was originally enacted).

Election for connected persons treatment

10(1)The principal and the sub-contractor may in any case jointly elect that paragraph 8 (treatment of sub-contractor payment where principal and sub-contractor are connected) shall apply to sub-contractor payments made by the principal to the sub-contractor.

(2)Any such election must be made in relation to all sub-contractor payments paid under the same contract or other arrangement.

(3)The election must be made by notice in writing given to the Inland Revenue.

(4)The notice must be given not later than two years after the end of the company’s accounting period in which the contract or other arrangement is entered into.

(5)An election under this paragraph, once made, is irrevocable.

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