16(1)P may make an election under this paragraph in respect of the underlying account for a tax year if all the affected amounts are included in full in a return (or amended return) made by P under Part 2 of TMA 1970 for that tax year.
(2)In relation to a tax year, an amount is an “affected amount” if—
(a)a certificate is issued to P under Article 30(1) or the Joint Declaration in respect of the levying of a sum, or the making of a tax finality payment, on that amount,
(b)the account or deposit to which the certificate relates is the underlying account, and
(c)the amount is required to be brought into account in assessing the income tax or capital gains tax due from P for that tax year.
(3)An election under this paragraph must be made in the return or amended return in which the affected amounts are included.
(4)An election may only be made under this paragraph if it is accompanied by all the relevant certificates relating to the underlying account.
(5)For the purposes of paragraph 15, P is treated as making an election under this paragraph in respect of the underlying account for a tax year if a claim is made under Part 3 of TIOPA 2010 (double taxation relief for special withholding tax) in relation to any of the affected amounts.
(6)Section 143 of TIOPA 2010 (taking account of special withholding tax in calculating income or gains) applies with any necessary modifications in relation to a tax finality payment as it applies in relation to special withholding tax.