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Changes over time for: Section 360P


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Point in time view as at 06/04/2024.
Changes to legislation:
Capital Allowances Act 2001, Section 360P is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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[360PCalculation of balancing adjustmentsU.K.
This section has no associated Explanatory Notes
(1)A balancing allowance is made if—
(a)there are no proceeds from the balancing event, or
(b)the proceeds from the balancing event are less than the residue of qualifying expenditure immediately before the event.
(2)The amount of the balancing allowance is the amount of—
(a)the residue (if there are no proceeds);
(b)the difference (if the proceeds are less than the residue).
(3)A balancing charge is made if the proceeds from the balancing event are more than the residue, if any, of qualifying expenditure immediately before the event.
(4)The amount of the balancing charge is the amount of—
(a)the difference, or
(b)the proceeds (if the residue is nil).
(5)The amount of a balancing charge made on a person must not exceed the total amount of—
(a)any initial allowances made to the person in respect of the expenditure, and
(b)any writing-down allowances made to the person in respect of the expenditure for chargeable periods ending on or before the date of the balancing event giving rise to the balancing adjustment.]
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