Taxation of Chargeable Gains Act 1992 Schedule 4AA paragraph 21

Making of elections

Paragraph 21 sets out the procedural rules for making and revoking elections under the rebasing provisions of Schedule 4AA, including how they must be submitted, when they can be revoked, and what adjustments follow.

• Elections must be made by including them in a relevant tax return (either a self-assessment return or a capital gains tax on UK property return) relating to the disposal
• An election initially made in a capital gains tax on UK property return can be revoked by including a revocation in the ordinary self-assessment or company tax return, provided this is done on or before the filing date — otherwise, elections are irrevocable
• HMRC must make all necessary adjustments — including repayments of tax, discharge of liabilities, or further assessments — to give effect to a valid election
• Elections and revocations can also be made by amending a return that has already been submitted, rather than only at the point of original filing