Section 187B — Taxation of Chargeable Gains Act 1992: Postponing gain or loss under section 185(2): interests in UK land

Postponing gain or loss under section 185(2): interests in UK land 187B 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.