This election ceased to be necessary for individuals and trustees in respect of disposals on or after 6 April 2008. It remains applicable for companies.

Prior to 6 April 2006, allTtxpayers could elect that their chargeable gains and allowable losses on all assets held as at 31 March 1982 be calculated by reference to 31 March 1982 values; such an election would displace the operation of the exceptions to 1982 re-basing (TCGA 1992, s. 35(5); for such exceptions, see ¶520-550). The election is now only available to companies (TCGA 1992, s. 35(2A)).

An election, once made, is irrevocable (TCGA 1992, s. 35(6)).

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