23(1)This paragraph applies if the cleared assets for each of the Article 32 certificates issued in respect of P’s death are included in full in an account or further account delivered in respect of P’s death under section 216 or 217 of IHTA 1984 within the time permitted for delivering such an account or further account.
(2)The person who delivers the account or further account may elect to disapply paragraph 22.
(3)An election under this paragraph must be made in writing at the same time as the account or further account in which all the cleared assets are included, and signed by each person delivering the account or further account.
(4)An election may only be made under this paragraph if it is accompanied by each of the Article 32 certificates.
(5)If an election is made under this paragraph—
(a)paragraph 22 does not apply to the cleared assets for any of the Article 32 certificates issued in respect of P’s death, and
(b)the amounts withheld under Article 32(2) are instead to be treated as if they were credits allowable against the inheritance tax due on the value transferred by the chargeable transfer (calculated with the value of all those cleared assets brought into account).