Corporation Tax Act 2009 section 417

Further provisions about elections under section 416

Section 417 sets out the procedural rules and time limits that apply when a company makes an election under section 416 to apply fair value accounting treatment to certain derivative contracts and intangible fixed assets.

• The election must be made within 90 days of the first acquisition of relevant assets
• Once made, the election is permanent and cannot be revoked
• The election takes effect from the beginning of the period of account in which the first relevant asset is acquired, applying retroactively if necessary
• The term "relevant assets" carries the same meaning as defined in section 416