»Ê¹ÚÌåÓýapp

ICTA88/S248 (1) and (2)

An election becomes effective:

• three months after the date of the notice of election, unless you notify the companies that the validity of the election is not established to your satisfaction,

or

• from the date you notify the companies concerned that you are satisfied with the validity of the election,

whichever is the earlier.

»Ê¹ÚÌåÓýapp notifications should be made by letter. No special form is provided. »Ê¹ÚÌåÓýapp Inspector to whom the notice of election was sent should send the notification. He or she should send a separate notification to each company.

Where you are not satisfied with the validity of an election and you cannot reach agreement with the companies, you should:

• notify each company concerned, not later than three months from the date of the election, and
• refer the case to CTIAA (Technical).

Where there is an election under ICTA88/S247 (4) to make payments made on or before 11 May 2001in full, and the recipient company is a charity, you should send:

• a report, and
• a copy of the correspondence

to the Audit Unit, IR Savings, Pensions, Share schemes (the Edinburgh office for Scottish cases) before you issue an acceptance of the election.

A valid ICTA88/S247 (4) election made prior to FA96, and which refers only to charges, will be treated as extending to loan relationship interest.