Section 162 shall not apply where the transferor makes an election under this section.
An election under this section must be made by a notice given to an officer of the Board no later than the relevant date.
Except where subsection (4) below applies, the relevant date is the second anniversary of the 31st January next following the year of assessment in which the transfer of the business took place.
Where, by the end of the year of assessment following the one in which the transfer of the business took place, the transferor has disposed of all the new assets, the relevant date is the first anniversary of the 31st January next following the year of assessment in which the transfer of the business took place.
For the purposes of subsection (4) above—
All such adjustments shall be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under this section.
Where, immediately before it was transferred, the business was owned by two or more persons—
that is attributable to that person for the purposes of this Act.
The reference in subsection (7) above to ownership by two or more persons includes, in Scotland as well as elsewhere in the United Kingdom, a reference to ownership by a partnership consisting of two or more persons.