Modifications etc. (not altering text)
C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Textual Amendments
F1Pt. 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
Modifications etc. (not altering text)
C2Pt. 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. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
C3 Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29) , ss. 448 , 458(1) , Sch. 10 para. 22 , 25
(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.]