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818Election for alternative method of calculating profits

(1)    An individual may elect for the alternative method of calculating profits given in sections 816 and 817 to apply if—

(a)    the individual qualifies for foster-care relief for a tax year,

(b)    the individual's total foster-care receipts for the tax year exceed the individual's limit for the tax year, and

(c)    sections 822 and 823 do not apply (accounting date for trade not 5th April).

(2)    An election under this section—

(a)    must specify the tax year for which it is made, and

(b)    has effect for that year (unless withdrawn by notice given by the individual).

(3)    An election or notice of withdrawal under this section must be made or given to the Inland Revenue on or before—

(a)    the first anniversary of the normal self-assessment filing date for the tax year for which the election is made, or

(b)    such later date as the Inland Revenue may, in a particular case, allow.

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Miscellaneous Income91 Exempt Income93 Income Tax Allowances, Deductions & Reliefs94 Company Law & Business Entities92 Personal Taxes94 Calculation & Rates of Income tax95 Companies & Corporate Bodies92 Income Tax91 Trading Income94 Tax Law91

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