80APostponing gain or loss under section 80(2): interests in UK land

1

This section applies if—

a

an interest in UK land is deemed to have been disposed of under section 80(2) by trustees of a settlement at any time, and

b

the trustees make an election under this subsection.

2

The gain or loss that, but for this subsection, would have accrued to the trustees at that time is not to accrue at that time.

3

But, on a subsequent disposal by the trustees of the whole or part of the interest in UK land, the whole or a corresponding part of the gain or loss is treated as accruing on the subsequent disposal.

4

This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal.

5

In this section “interest in UK land” has the meaning given by section 1C.