Related Commentary  Related HMRC Manuals

18F(1)  An election made by a company under section 18A

(a)(subject to subsections (6) to (8)) is irrevocable, and

(b)applies to all accounting periods of the company beginning on or after the relevant day.

18F(2)  “The relevant day”, in relation to an election made by a UK resident company, means–

(a)the day on which, at the time of the election, the company's accounting period following that in which the election is made is expected to begin, or

(b)if the election is made before the company's first accounting period, the day on which that accounting period begins.

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