CTM76750 - Exchange differences: matching: accounting periods: election effective

An election will normally have effect from the day on which it is made (Regulation 10(1) SI1994/3227). In addition, an election may have effect:

• from the date of acquisition of the asset, if the election is made within 92 days of acquisition (Regulation 11(2)),
• from a day not more than 92 days earlier than the day on which the election is made, if it is an election made under Regulation 10(3) to increase the percentage or amount of an asset to be matched (Regulation 11(3)),
• from the company's commencement day (see CTM73060) if the election is made within 183 days after the appointed day or, if later, within 92 days of the commencement day (Regulation 11(4)).

But see CTM76850 as regards controlled foreign companies.