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HMRC internal manual

Trusts, Settlements and Estates Manual

Trust income and gains: vulnerable beneficiaries: vulnerable person election - time limits

An election can be made no later than 12 months after 31 January following the tax year in which the effective date falls. So if the effective date is 1 July 2005 (tax year 2005-06) an election must be made by 31 January 2008 if it is to have effect for 2005-06. The time limit can only be extended by written notice by the Board, and in limited circumstances.  Refer these requests to Trusts Technical Edinburgh.