Section 80A — Taxation of Chargeable Gains Act 1992: Postponing gain or loss under section 80(2): interests in UK land

Postponing gain or loss under section 80(2): interests in UK land 80A 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.