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HMRC internal manual

Trusts, Settlements and Estates Manual

HM Revenue & Customs
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Trust income and gains: Sub-fund elections - time limits

The time limit for making an election is the first anniversary of 31 January following the tax year in which the specified date falls. So, for an election to be treated as having taken effect on a date falling in the year 2006-07 it must be made no later than 31 January 2009.