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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Land: small part-disposals: time limit for election

TCGA92/S242 (2A) & TCGA92/S244 (3)

Where the disposal takes place in a period covered by Self Assessment new time limits have been enacted by FA96/SCH21/PARA37 and FA96/SCH21/PARA39 within which elections under TCGA92/S242 and TCGA92/S244 must be made.

The new time limits are

  • for Capital Gains Tax cases, one year after the 31 January in the year following that in which the disposal took place (in other words, 21 months from the end of the tax year in which the disposal took place)
  • for Corporation Tax cases, 2 years from the end of the accounting period in which the disposal took place.