Section 793A | Effect of election under section 792

(1)This section applies if an election is made under section 792.

(2)If subsection (2) of section 793 applies to B the gain, or the part specified in the election, is treated as if it had accrued to B at the relevant time as a non-trading credit for the purposes of Chapter 6 (how credits and debits are given effect).

(3)If subsection (3) of section 793 applies to B the gain, or the part specified in the election, is treated—

(a)as if it had accrued to B at the relevant time as a non-trading credit for the purposes of Chapter 6, and

(b)as if it had accrued in respect of an asset held for the purposes of a permanent establishment of B in the United Kingdom.

(4)If subsection (3A) of section 793 applies to B the gain, or the part specified in the election, is treated for the purposes of Chapter 6 as if it had accrued to B at the relevant time as a credit in respect of an asset held for the purposes of B's trade of dealing in or developing UK land.

(5)If subsection (3B) of section 793 applies to B the gain, or the part specified in the election, is treated for the purposes of Chapter 6 as if it had accrued to B at the relevant time as a credit in respect of an asset held for the purposes of B's UK property business.