Taxation (International and Other Provisions) Act 2010 section 434

Elections under section 433

Section 434 sets out the rules governing how and when a company can make, revoke, or renew an election to be treated as a qualifying infrastructure company, including timing requirements, minimum commitment periods, and restrictions on other elections.

• An election must be made before the end of the accounting period in which it is to take effect and then applies for that period and all subsequent periods until revoked.
• A revocation must be made before the start of the accounting period from which it is to take effect, and cannot take effect until at least five years after the election first applied.
• After revocation, a fresh election cannot take effect until at least five years after the revocation took effect.
• Where a qualifying infrastructure business is transferred within the same worldwide group, the receiving company automatically inherits the transferor's election; and while an election is in force, the company cannot elect for the foreign permanent establishment exemption or claim group relief under Part 2 Chapter 2.