Election to accelerate payment of adjustment charge under paragraph 11
12(1)A person who under paragraph 11 is chargeable to tax for a tax year on an amount representing part of an adjustment charge may elect that the amount treated as income arising in that tax year should be increased.
(2)The election must be made—
(a)by notice in writing,
(b)to an officer of the Board,
(c)on or before the 31st January following the tax year in question.
(3)The election must specify the amount to be treated as income arising in the tax year, which may be any amount up to the whole of the adjustment charge so far as not previously charged to tax.
(4)Where an election has been made, paragraph 11 applies in relation to any subsequent tax year as if the original amount of the adjustment charge were reduced by the additional amount treated as arising in the year for which the election was made.