Section 668 | How income and gains are attributed

(1)A registered club may specify the income and gains to be reduced (in whole or in part) as a result of section 666.

(2)A specification under subsection (1) is made by notice to an officer of Revenue and Customs.

(3)Subsection (5) applies if—

(a)an officer of Revenue and Customs requires the club to make a specification under this section, and

(b)the club has not given notice under subsection (2) of the specification before the end of the required period.

(4)The required period is 30 days beginning with the day on which the officer made the requirement.

(5)An officer of Revenue and Customs may determine the income and gains to be reduced (in whole or in part).