Section 570 Elections: supplementary
|
|
 |
£8.04 on Kindle |
 |
£20 eBook download |
(1) Section 569(1) does not apply to a sale that is relevant for the purposes of Part [3A,]1 4, [or 4A]2.
Amendments
1 Inserted by Finance Act 2005 section 92 and Schedule 6 para 8 in relation to expenditure incurred on or after 11 April 2007 by virtue of S.I. 2007/949 article 2.
2 Substituted by Finance Act 2001 section 67 and Schedule 19 Part 2 para 6 in relation to expenditure incurred on or after 11 May 2001.
(2) No election under section 569 may be made if—
(a) the circumstances of the sale or the parties to it mean that a relevant allowance or charge will not be capable of falling to be made, or
(b) the buyer is a dual resident investing company.
(3) In subsection (2)(a) “relevant allowance or charge” means an allowance or charge under Part 3, 5, 6, 9 or 10 which (ignoring the circumstances mentioned in subsection (2)(a)) would or might fall to be made, as a result of the sale, to or on any of the parties to it.
(4) If the sale is relevant for the purposes of Part 10, no election under section 569 (may be made unless, at the time of the sale or any earlier time, both the seller and the buyer are or have been approved bodies (as defined in section 492).
(5) An election under section 569 must be made by notice to [an officer of Revenue and Customs]1 not later than 2 years after the sale.
Amendments
1 Substituted by Commissioners of Revenue and Customs Act 2005 section 50(6) and Schedule 4 para 83(1) from 18 April 2005 by virtue of S.I. 2005/1126 article 2(2).
|
|
