[435 Group elections modifying the operation of sections 433 and 434]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[435  Group elections modifying the operation of sections 433 and 434]

[(1)     Two or more companies which are members of the same worldwide group[, and have each made an election under section 433,] may jointly make an election under this section modifying the operation of sections 433 and 434 in relation to them for the times during which they remain members of that group.

(2)     An election under this section—

[(aa)     must be made before the end of the earliest elected accounting period (see subsection (11));]

(a)     has effect from a date specified in the election[, which may not be before the first day of the earliest elected accounting period];

(b)     may be revoked jointly by the members of the group in relation to which the election has effect from a date specified in the revocation;

(c)     ceases to have effect in relation to a company which gives a notice to an officer of Revenue and Customs, and to the companies in

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