315 Main balancing eventsU.K.
(1)The following are balancing events for the purposes of this Part—
(a)the relevant interest in the building is sold;
(b)if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
(c)the building is demolished or destroyed;
(d)the building ceases altogether to be used (without being demolished or destroyed);
(e)if the relevant interest depends on the duration of a foreign concession, the concession ends.
(2)“Foreign concession” means a right or privilege granted by the government of, or any municipality or other authority in, a territory outside the United Kingdom.
(3)Other balancing events are provided for by—
section 328 (realisation of capital value where site of building is in enterprise zone);
section 343 (ending of highway concession);
section 350 (additional VAT rebates and balancing adjustments);
and a balancing event under this section may also occur as a result of section 317 (hotel not qualifying hotel for 2 years).