Prospective
27.—(1) An election under paragraph 2(2) of Schedule A1 must—
(a)specify the tax year in which the exclusion of Schedule A1 would otherwise apply; and
(b)be made before the start of the tax year so specified.
(2) An election has effect for the tax year referred to in paragraph (1)(a) and for subsequent tax years in which the exclusion would otherwise apply.
(3) An election may be withdrawn at any time specifying the date of the withdrawal.
(4) The withdrawal has effect for the tax year in which the date specified in the withdrawal falls.
(5) An election and any withdrawal of an election must be made by notice to HMRC.
Commencement Information
I1Reg. 27 in force at 6.4.2026 (as amended by S.I. 2024/167, reg. 3), see reg. 1