PART 10TTH elections: effective date and withdrawal
Effective date of a TTH election
71(1)A TTH election in respect of a TTH asset—
(a)has effect, if it is approved in accordance with paragraph 61 or 62, from the licence transfer date,
(b)continues to have effect indefinitely in relation to seller, and
(c)continues to have effect in relation to the purchaser unless it is withdrawn in accordance with the provisions of this Schedule.
(2)References in this Schedule to the “effective date of a TTH election” are to be construed in accordance with sub-paragraph (1)(a).
Withdrawal of a TTH election by an officer of Revenue and Customs
72(1)A TTH election ceases to have effect in relation to the purchaser if—
(a)the purchaser, without reasonable excuse, persistently fails to comply with either of the conditions mentioned in paragraph 63, and
(b)an officer of Revenue and Customs gives notice to the purchaser of the withdrawal of the election.
(2)If notice is given under sub-paragraph (1), the TTH election ceases to have effect in relation to the purchaser for the accounting period in which the notice is given and each subsequent accounting period.
(3)A notice given under sub-paragraph (1) does not affect any relief given by reference to paragraph 25 or 26 for a loss period ending before the notice is given.
(4)See paragraph 94 for provision about appeals against a decision to withdraw an election under this paragraph.