Deferred taxation of retirement benefit account income in notified countries, with binding election and non-resident cessation rules. Taxation of income accruing in a specified retirement benefit account maintained in a notified country is deferred, at the option of a specified person, until withdrawal or redemption in that country. The option must cover all specified accounts and be furnished in Form No. 40 by the due date. Once exercised, it applies to all subsequent tax years and cannot be withdrawn, subject to cessation where the person becomes non-resident. In that event, the option is deemed never exercised from the relevant tax year and accrued income becomes taxable in the preceding year.