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There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 319.
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(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.]
Textual Amendments
F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)
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