In some cases, individuals have a choice as to how their tax affairs are arranged. In these situations, an election must be made before the change can be applied. There are many such elections, each with its own rules, and usually strict time limits.
You can make an election if you want your income or gains to be taxed in an alternative way. There are strict time limits for elections, and you must normally satisfy specific conditions before you can use the revised treatment. Elections that you can make include the allocation of the married couple's allowance between spouses, an election to treat a second house as your main residence even though you live in the first house, and an election (a rebasing election) to treat the assets you owned on 31 March 1982 as if you had bought them on that date.