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HMRC internal manual

Capital Gains Manual

Deferred consideration: unascertainable: election for treatment of loss - elections under section 279A


A number of rules are specified by TCGA92/S279D, summarised below:

  • an election under TCGA92/S279A must be made by giving a notice in writing in accordance with the provisions of TCGA92/S279D;
  • an election under TCGA92/S279A is irrevocable;
  • the notice must be given to an HMRC officer;
  • the notice must be given on or before the first anniversary of the 31st January next following the year of the loss;
  • the notice must also contain certain specified information, see CG15122;
  • an election under TCGA92/S279A is made on the date on which the notice of the election is given;
  • different notices must be given in respect of different losses;
  • where a person makes two or more elections under TCGA92/S279A on the same day, the notices must specify the order in which the elections are made;
  • for the purposes of any provisions whose operation is affected by the order in which any elections under TCGA92/S279A are made, elections made by a person on the same day shall be treated as made at different times and in the order specified above.