When to use this form
Use this form to make the election for the taxation of financial arrangements (TOFA) rules to apply where you do not meet certain thresholds.
TOFA elections are complex and cannot be revoked.
Before making any TOFA elections, you should carefully consider your circumstances and seek professional assistance if necessary.
Completing this form
You can complete this form electronically. Once completed, print the form so it can be signed.
You do not have to notify us of this election, but you should keep a copy of it with your tax records.Use this form to make the election for the TOFA rules to apply where the taxpayer does not meet certain thresholds.