[F1Election for paragraph 2 to 4 not to apply to a chargeable interestU.K.
Textual Amendments
F1Sch. 4ZZA inserted (with effect in accordance with Sch. 25 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 25 para. 16
5(1)A person may make an election under this paragraph for paragraphs 2 to 4 not to apply in relation to a chargeable interest held by (or any part of which is held by) the person on [F25 April in the relevant year].U.K.
(2)An election is irrevocable.
(3)An election must be made by being included in a tax return under the Management Act for the tax year in which the first relevant high value disposal by the person of the chargeable interest (or any part of it) on or after [F36 April in the relevant year] occurs.
[F4(3A)An election made in relation to an asset under paragraph 2(1)(b) of Schedule 4ZZB (disposals by non-residents etc of UK residential property interests: gains and losses) also has effect as an election made under this paragraph in relation to the asset.]
(4)The reference in sub-paragraph (3) to an election being included in a return includes an election being included by virtue of an amendment of the return.
(5)All such adjustments are to be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election.
[F5(6)In this paragraph—
“chargeable interest” has the same meaning as in Part 3 of the Finance Act 2013 (annual tax on enveloped dwellings) (see section 107 of that Act);
“relevant year” has the meaning given by paragraph 2.]]
Textual Amendments
F2Words in Sch. 4ZZA para. 5(1) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 8 para. 11(2)
F3Words in Sch. 4ZZA para. 5(3) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 8 para. 11(3)
F4Sch. 4ZZA para. 5(3A) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 38(5)
F5Sch. 4ZZA para. 5(6) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 8 para. 11(4)