Taxation of Chargeable Gains Act 1992 Schedule 7AD paragraph 13

How and when election to be made

Paragraph 13 of Schedule 7AD sets out the procedure and time limit for an insurance company to make an election under the transitional or opt-out provisions relating to venture capital investment partnership gains.

• Elections under paragraph 11 (early application) or paragraph 12 (opting out of the schedule) must be made by written notice to HMRC.
• The deadline for making the election is two years after the end of the company's first accounting period beginning on or after 1 January 2002.
• No specific form is prescribed — a notice to an officer of the Board is sufficient.
• Once the deadline has passed, the election can no longer be made and the default rules will apply.