187BPostponing gain or loss under section 185(2): interests in UK land

1

This section applies if an interest in UK land is deemed to have been disposed of under section 185(2) by a company at any time.

2

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

3

But, on a subsequent disposal by the company 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

A company may elect for a disposal deemed to have been made under section 185(2) to be excluded from the operation of this section.

6

The election must be made within 2 years after the day on which the deemed disposal occurs.

7

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