Part III Individuals, partnerships, trusts and collective investment schemes F1etc
Annotations:
Amendments (Textual)
Chapter II Settlements
Migration of settlements, non-resident settlements and dual resident settlements
80AF2Postponing 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.
Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2