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

Part 10 U.K. Assured tenancy allowances

Chapter 6 U.K. Balancing adjustments

General U.K.

513 When balancing adjustments are made U.K.

(1) A balancing adjustment is made if—

(a) qualifying expenditure has been incurred on a building, and

(b) a balancing event occurs in relation to a dwelling-house comprised in the building while it is a qualifying dwelling-house.

(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 entitled to the relevant interest in the dwelling-house immediately before the balancing event.

(4) No balancing adjustment is made if the balancing event occurs more than 25 years after the dwelling-house was first used.