Section 262AB | Co-ownership schemes: election ^F1

(1)The operator of a co-ownership ... contractual scheme may make an election under this section.^F1F2

(2)The election must specify an accounting period of the scheme as the first accounting period in relation to which the election has effect.^F1

(3)That first accounting period must not—^F1

(a)be longer than 12 months, or^F1

(b)begin before 1 April 2017 in the case of a co-ownership contractual scheme which is a co-ownership authorised contractual scheme, or the date on which the Co-ownership Contractual Schemes (Tax) Regulations 2025 come into force in the case of a co-ownership contractual scheme which is a Reserved Investor Fund (Contractual Scheme).^F1F3

(4)The election has effect for that first accounting period and all subsequent accounting periods of the scheme.^F1

(5)The election is irrevocable (subject to section 262AEA in the case of a co-ownership authorised contractual scheme).^F1F4F5

(5A)An election under this section in respect of a Reserved Investor Fund (Contractual Scheme) continues unaffected for so long as the scheme is—^F1F6

(a)a Reserved Investor Fund (Contractual Scheme),^F1F6

(b)a co-ownership authorised contractual scheme, or^F1F6

(c)an unauthorised co-ownership contractual scheme,^F1F6

and the application of this Chapter in respect of the scheme is not affected by any change in the nature of the scheme so long as it remains of a type set out in paragraphs (a) to (c).

(6)The election is made by notice to an officer of Revenue and Customs.^F1

(7)See sections 262AC to 262AE and sections 270ID and 270IE for provision about the effect of an election.^F1F7