Related Commentary  Related Cases

134(1)  Where an election is made under this section and accepted by the Board, the market value for taxation purposes of any ethane to which the election applies shall be determined, not in accordance with paragraphs 2, 2A and 3 of Schedule 3 to the principal Act (value under a notional contract), but in accordance with a price formula specified in the election; and, in relation to any such ethane, any reference to market value in any other provision of the principal Act, in Part 8 of the Corporation Tax Act 2010 or in Chapter 16A of Part 2 of the Income Tax (Trading and Other Income) Act 2005 shall be construed accordingly.

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