794Application of roll-over relief in relation to reallocated chargeU.K.
(1)This section applies where an election has been made under section 792 for the purpose of enabling B to make a claim under Chapter 7 (roll-over relief on realisation and reinvestment).
(2)Chapter 7 applies as if the realisation of the asset treated as occurring under section 780 or 785 had been by B, and not A.
(3)The conditions in section 755 (conditions relating to the old asset) are treated as met in relation to the asset if they would have been met if there had been no election and A had made the claim.
(4)The proceeds of realisation and the cost of the old asset recognised for tax purposes are what they would have been if there had been no election and A had made the claim.
(5)If the election relates to only part of the gain on the realisation of an asset treated as occurring under section 780 or 785, Chapter 7 and this section apply as if the realisation treated as occurring had been of a separate asset representing a corresponding part of the asset.
(6)If subsection (5) applies, any necessary apportionments must be made accordingly.