[F113(1)In section 472 of the Taxes Act 1988 (distribution of securities issued in connection with nationalisation etc.) in subsection (1) (dealer to be treated for tax purposes in the manner specified in subsections (2) and (3), unless he gives notice to the inspector that he desires not to be so treated) for “gives notice to the inspector not later than two years after the end of the chargeable period in which the distribution takes place that he desires” there shall be substituted “ elects, by notice given to an officer of the Board, ”.U.K.
(2)After subsection (3) of that section there shall be inserted—
“(3A)A notice under subsection (1) above—
(a)for the purposes of income tax, shall be given on or before the first anniversary of the 31st January next following the year of assessment in whose basis period the distribution takes place;
(b)for the purposes of corporation tax, shall be given no later than two years after the end of the accounting period in which the distribution takes place.
(3B)In paragraph (a) of subsection (3A) above “basis period” means—
(a)in relation to a year of assessment for which a basis period is given by sections 60 to 63, that basis period;
(b)in relation to a year of assessment for which no basis period is given by those sections, the year of assessment.”]
Textual Amendments
F1Sch. 21 para. 13 repealed (31.7.1998 with effect as mentioned in s. 101(4) of the amending Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(23), Note 2