Taxation of Chargeable Gains Act 1992 Schedule 4ZA paragraphs 10–13

Sub-fund elections: procedure

Section 10–13 of Schedule 4ZA sets out the procedural requirements for making a sub-fund election, including the method of notification, the filing deadline, the required contents of the election, and its irrevocable nature.

• A sub-fund election must be made by notice to HMRC in the prescribed form
• The deadline is the second 31 January after the tax year in which the election takes effect
• The election must include trustee consent declarations, confirmation that eligibility conditions are met, required information, and a declaration of accuracy
• Once made, a sub-fund election cannot be revoked