Sch 5 para 25
After section 793 insert— Effect of election under section 792 (793A) (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.