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Changes over time for: Section 319
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Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 21/07/2008.
Changes to legislation:
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 319.
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Changes to Legislation
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[319 Building not an industrial building etc. throughoutU.K.
This section has no associated Explanatory Notes
(1)This section provides for balancing adjustments where the building was not—
(a)an industrial building, or
(b)used for research and development,
for a part of the relevant period of ownership.
(2)A balancing allowance is made if—
(a)there are no proceeds from the balancing event or the proceeds are less than the starting expenditure, and
(b)the net allowances made are less than the adjusted net cost of the building.
(3)The amount of the balancing allowance is the amount of the difference between the adjusted net cost of the building and the net allowances made.
(4)A balancing charge is made if the proceeds from the balancing event are equal to or more than the starting expenditure.
(5)The amount of the balancing charge is an amount equal to the net allowances made.
(6)A balancing charge is also made if—
(a)there are no proceeds from the balancing event or the proceeds are less than the starting expenditure, and
(b)the net allowances made are more than the adjusted net cost of the building.
(7)The amount of the balancing charge is the amount of the difference between the net allowances made and the adjusted net cost of the building.]
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