Modifications etc. (not altering text)
C1Pt. 8 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 6(1)
C2Pt. 8 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
C3Pt. 8 modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(1); S.I. 2011/2329, art. 3
C4Pt. 8 modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), ss., 240(5)(o), Sch. 24 para. 1(3); S.I. 2012/628, art. 3(b)
C5Pt. 8 modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(1); S.I. 2011/2576, art. 5
C6Pt. 8 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C7Pt. 8 modified (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 35, 45 (with Sch. 5 para. 36)
(1)This section applies if a chargeable realisation gain (see section 741) accrues to a company (“A”) under section 780 or 785 in respect of an asset.
(2)A and a company (“B”) that was a member of the relevant group at the relevant time may jointly elect that the gain, or such part of it as may be specified in the election, must be treated as accruing to B, and not A.
(3)In a case within section 780—
(a)“the relevant group” is the group of which A was a member at the relevant time, and
(b)“the relevant time” is immediately before A ceases to be a member of the group.
(4)In a case within section 785—
(a)“the relevant group” is the second group (within the meaning of that section), and
(b)“the relevant time” is immediately before A ceases to meet the qualifying condition (within the meaning of that section).
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Section 793 [F2sets out further requirements] about elections under this section.
[F3(6A)Section 793A makes provision about the effect of elections under this section.]
(7)Section 794 makes provision for enabling claims under Chapter 7 to be made by B.
(8)In sections 793[F4, 793A] and 794 references to “A” and “B” and “the relevant time” must be read in accordance with this section.
Textual Amendments
F1S. 792(5) omitted (6.4.2020) by virtue of Finance Act 2019 (c. 1), Sch. 5 paras. 23(2), 35 (with Sch. 5 para. 36)
F2Words in s. 792(6) substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 23(3), 35 (with Sch. 5 para. 36)
F3S. 792(6A) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 23(4), 35 (with Sch. 5 para. 36)
F4Word in s. 792(8) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 23(5), 35 (with Sch. 5 para. 36)