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HMRC internal manual

Capital Gains Manual


TSEM3450+ explain how the election is to be made and what details are required. The election can take effect from a specific date. If this falls during the tax year, for income tax purposes it applies for the latter part of the year only (FA2005/S29), but for CGT purposes it applies for the whole year (FA2005/S31). Similarly if the election ceases to apply, the income tax treatment applies for the first part of the year, but the CGT treatment applies for the whole year.