Section 793 | Further requirements about elections under section 792

(1)An election under section 792 may be made only if subsection (2), (3), (3A) or (3B) applies to B.

(2)This subsection applies if at the relevant time B was UK resident.

(3)This subsection applies if subsection (2) does not apply and at the relevant time—

(a)B carried on a trade in the United Kingdom through a permanent establishment, and

(b)B was not exempt from corporation tax in respect of the income or chargeable gains of that permanent establishment because of arrangements that have effect under section 2(1) of TIOPA 2010 (double taxation relief).

(3A)This subsection applies if neither of subsections (2) and (3) apply and at the relevant time—

(a)B carried on a trade of dealing in or developing UK land, and

(b)B was not exempt from corporation tax in respect of profits of that trade because of arrangements that have effect under section 2(1) of TIOPA 2010.

(3B)This subsection applies if none of subsections (2), (3) and (3A) apply and at the relevant time—

(a)B carried on a UK property business, and

(b)B was not exempt from corporation tax in respect of the income of its UK property business because of arrangements that have effect under section 2(1) of TIOPA 2010.

(4)An election under section 792 may not be made if at the relevant time B was—

(a)a qualifying society within the meaning of section 461A of ICTA (incorporated friendly societies entitled to exemption from tax), or

(b)a dual resident investing company within the meaning of section 949 of CTA 2010 (dual resident investing companies).

(5)An election under section 792 may only be made—

(a)by notice in writing to an officer of Revenue and Customs, and

(b)not later than 2 years after the end of the accounting period of A in which the relevant time falls.