Taxation of Chargeable Gains Act 1992 Schedule 5AAA paragraph 17

Making of election and period for which it has effect

Section 17 sets out the procedural requirements for making a transparency election for a qualifying offshore collective investment vehicle that is UK property rich, including who must make it, how it is communicated, and the period from which it takes effect.

• The election must be made by the relevant fund manager and submitted by notice to an officer of HMRC.
• The election must specify the day from which it is to have effect, and it applies to disposals on or after that day.
• The specified effective date can be backdated, but if it falls more than 12 months before the date the election is made, HMRC consent is required.
• HMRC consent for backdating beyond 12 months can be given generally (for example, through a published notice describing cases where consent is deemed given) or on a case-by-case basis.