Non-resident companies: election for 2012-13
It is possible that the changes could in certain limited circumstances disadvantage a person. For example where a loss accrued on the disposal of an asset and that loss would be excluded from the scope of TCGA92/S13 for 2012-13.
A person can elect for the amendments introduced in Finance Act 2013 to be ignored for a disposal in 2012-13 so that any gain or loss is calculated and attributed under the pre-existing provisions (TCGA92/S13A(5)).
The election must be made in writing and within 4 years:
from the end of the tax year in which the disposal was made - for a person within the charge to capital gains tax;
from the end of the accounting period in which the disposal was made - for a person within the charge to corporation tax.
The changes introduced by the Finance Act 2013 that act retrospectively from 6 April 2012 do not include the changes relating to the Statutory Residence Test or ATED related gains.