BLM24025 - Defining long funding
leases: election: effective date (SI2007/304 regulation 2(4))
An election may not take effect before 1 April 2006 or from
before the start of the period for which the election is first
made. For example
- if a company makes an election in its
return for the year to 31 December 2006 the effective date may be
any date from 1 April 2006 to 31 December 2006
- if a company makes an election in its
return for the year to 31 December 2007 the effective date may be
any date in the year ended 31 December 2007.
The effective date cannot be after the date an election is made
because the election must be made in a return for the period in
which, or in the basis period in which, the election becomes
effective
BLM24075.
