(a) Notwithstanding sections 140, 141 and 144 but subject to subsections (2) and (3), where a company which makes a distribution specifies, by notice in writing given to the inspector within 6 months of the end of the accounting period in which the distribution is made, the extent to which the distribution is to be treated for the purposes of sections 140, 141 and 144 as made for any accounting period or periods, the distribution shall be so treated for those purposes irrespective of the period of account for which it was made.
(b) A part of a distribution treated under paragraph (a) as made for an accounting period shall be treated for the purposes of sections 140, 141 and 144 as a separate distribution.
(2) A company may specify in accordance with subsection (1) that only so much of a distribution, or more than one distribution, made on any day is made -
(a) for any accounting period, as does not exceed the undistributed income of the company for that accounting period on that da
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