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HMRC internal manual

Business Leasing Manual

From
HM Revenue & Customs
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Defining long funding leases: election: effective date (SI2007/304 regulation 2(4))

An election may not take effect before 1 April 2006 or from before the start of the period for which the election is first made. For example

  • if a company makes an election in its return for the year to 31 December 2006 the effective date may be any date from 1 April 2006 to 31 December 2006
  • if a company makes an election in its return for the year to 31 December 2007 the effective date may be any date in the year ended 31 December 2007.

The effective date cannot be after the date an election is made because the election must be made in a return for the period in which, or in the basis period in which, the election becomes effective BLM24075.