[F1360NBalancing eventsU.K.
(1)The following are balancing events for the purposes of this Part—
(a)the relevant interest in the qualifying building is sold;
(b)a long lease of the qualifying building is granted out of the relevant interest in consideration of the payment of a capital sum;
(c)if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
(d)the person who incurred the qualifying expenditure dies;
(e)the qualifying building is demolished or destroyed;
(f)the qualifying building ceases to be qualifying business premises (without being demolished or destroyed).
(2)Section 360I(2) and (3) (meaning of “long lease”) applies for the purposes of subsection (1)(b).]
Textual Amendments
F1Pt. 3A inserted (11.4.2007 with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 1; S.I. 2007/949, art. 2