This section applies if—
an interest in UK land is deemed to have been disposed of under section 80(2) by trustees of a settlement at any time, and
the trustees make an election under this subsection.
The gain or loss that, but for this subsection, would have accrued to the trustees at that time is not to accrue at that time.
But, on a subsequent disposal by the trustees 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.
This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal.
In this section "interest in UK land" has the meaning given by section 1C.