Statement of Practice D21
Published 6 April 1965
© Crown copyright 1965
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The time limit for the making of an election for valuation on 6 April 1965 under Taxation of Chargeable Gains Act (TCGA) 1992 Schedule 2 paragraph 17 is 2 years from the end of the year of assessment or accounting period within which the disposal took place, or such further time as the Commissioners for HM Revenue and Customs (HMRC) may allow. The Commissioners for HMRC will exercise their discretion under paragraph 17(3) to extend the time limit as appropriate where a company ceases to be a member of a group of companies and as a result a chargeable asset acquired from another member of the group within the past 6 years is deemed to have been disposed of (and re-acquired) immediately after the acquisition (TCGA 1992 ss 178, 179).
Note: TCGA 1992 s 178 repealed by Finance Act 2000 s 101, Schedule 29 paragraph 26.