C2C1F1Part 4A FLAT CONVERSION ALLOWANCES
Pt. 4A modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 22 (with Sch. 10 para. 25); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29), ss. 448, 458(1), Sch. 10 para. 22, 25
Chapter 7 BALANCING ADJUSTMENTS
393M When balancing adjustments are made
1
A balancing adjustment is made if—
a
qualifying expenditure has been incurred in respect of a flat, and
b
a balancing event occurs.
2
A balancing adjustment is either a balancing allowance or a balancing charge and is made for the chargeable period in which the balancing event occurs.
3
A balancing allowance or balancing charge is made to or on the person who incurred the qualifying expenditure.
4
No balancing adjustment is made if the balancing event occurs more than 7 years after the time when the flat was first suitable for letting as a dwelling.
5
If more than one balancing event occurs, a balancing adjustment is made only on the first of them.
Pt. 4A (ss. 393A-393W) inserted (with effect as mentioned in s. 67 of the amending Act) by Finance Act 2001 (c. 9), s. 67, Sch. 19 Pt. 1