11(1)  An election which does not comply with regulation 10(2) shall be of no effect.

11(1A)  Notwithstanding the following provisions of this regulation, an election made under regulation 10 or this regulation–

(a)shall have effect only in relation to accounting periods beginning before 1st October 2002, and

(b)an election which specifies a day as the day from which the election is to have effect must specify a day that falls within an accounting period beginning before 1st October 2002.

11(2)  Notwithstanding regulation 10(1) above, if an election–

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