Commentary on Sections Overview Overview Section 200: Election given effect in accounting period in which receipt is received
746.This section sets out the procedure for dealing with an election under section 198. It is new.
747.The procedure for giving the relief is broadly the same as that for income tax. This is an election to which paragraph 58 of Schedule 18 to FA 1998 applies. This section makes clear that the relief is in terms of tax and corresponds to the income tax rule in paragraph 5 of Schedule 1B to TMA.
748.See Change 42 in Annex 1.