Commentary on Sections Overview Overview Section 237: Election for spreading if section 236 applies
963.This section provides for an election to be made if there is a charge (following a change to mark to market) under section 236. It is based on paragraph 9 of Schedule 22 to FA 2002.
964.The election is to spread the adjustment charge over six periods of account beginning with the first one in which the new basis is adopted. As the charge is postponed under section 236 until the asset is realised, this first period is not necessarily the one in which the charge would be made without the election.
965.“Period of account” is defined in section 832(1) of ICTA.
966.Subsection (2) sets out the usual Self Assessment time limit for an election.