C1C3Part 3 Industrial buildings allowances
Pt. 3 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 5 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
Chapter 7 Balancing adjustments
General
314 When balancing adjustments are made
1
A balancing adjustment is made if—
a
qualifying expenditure has been incurred on a building, and
b
a balancing event occurs while the building is an industrial building or after it has ceased to be an industrial building.
2
A balancing adjustment is either a balancing allowance or a balancing charge and is made for the chargeable period in which the balancing event occurs.
3
A balancing allowance or balancing charge is made to or on the person entitled to the relevant interest in the building immediately before the balancing event.
4
No balancing adjustment is made if the balancing event occurs more than 25 years after the building was first used.
5
If more than one balancing event within section 315(1) occurs during a period when the building is not an industrial building, a balancing adjustment is made only on the first of them.
Pt. 3 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 18 (with Sch. 10 para. 21); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)