Valid from 01/04/2009
862Treatment of postponed gain in other casesU.K.
(1)This section applies if at any time after A ceases to be UK resident—
(a)A ceases to be a 75% subsidiary of B on the disposal by B of ordinary shares of A,
(b)A ceases to be such a subsidiary otherwise than on such a disposal and later B disposes of such shares, or
(c)B ceases to be UK resident.
(2)B must bring into account for tax purposes a credit equal to the postponed gain.
(3)Subsection (2) does not apply so far as the postponed gain has already been brought into account under section 861.
(4)Any credit falling to be brought into account under subsection (2) because B ceases to be UK resident must be brought into account immediately before it does so.
(5)A credit brought into account by B under this section is treated as a non-trading credit for the purposes of Chapter 6 (how credits and debits are given effect).