Corporation Tax Act 2010 section 398B

The election

Section 398B sets out the procedural requirements for making an election under section 398A to opt out of the qualifying change of ownership rules, including the required content, the deadline, and its irrevocable nature.

• The election must state the date of the relevant day and be submitted by notice to an officer of HMRC within two years of that date.
• Once the election has been made, it is irrevocable and cannot be withdrawn or amended.
• HMRC will make all necessary assessments and adjustments to assessments to give effect to the election.
• The election relates to the section 398A opt-out from the rules that restrict the use of carried-forward losses following a qualifying change of ownership.