Sch 1 para 67
For section 187B substitute— Postponing gain or loss under section 185(2): interests in UK land (187B) (1) This section applies if an interest in UK land is deemed to have been disposed of under section 185(2) by a company at any time. (2) The gain or loss that, but for this subsection, would have accrued to the company at that time is not to accrue at that time. (3) But, on a subsequent disposal by the company of the whole or part of the interest in UK land, the whole or a corresponding part of the gain or loss is treated as accruing on the subsequent disposal. (4) This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal. (5) A company may elect for a disposal deemed to have been made under section 185(2) to be excluded from the operation of this section. (6) The election must be made within 2 years after the day on which the deemed disposal occurs. (7) In this section “ interest in UK land ” has the meaning given by section 1C.