Schedule 10, Part 1, paragraph 21(2)

If E makes a real estate election— but this sub-paragraph is subject to sub-paragraphs (3) to (5). E is treated for the purposes of this Part of this Schedule as if E had exercised an option to tax in relation to the building or land in which the relevant interest is acquired, that option is treated for those purposes as if it had been exercised on the day on which the acquisition was made and as if it had effect from the start of that day, and paragraph 20 does not apply in relation to that option,

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Source: legislation.gov.uk · retrieved 2026-07-28