Section 792 | Reallocation of charge within group

(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).

(5)Repealed

(6)Section 793 sets out further requirements about elections under this section.

(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, 793A and 794 references to “A” and “B” and “the relevant time” must be read in accordance with this section.