SCHEDULES

SCHEDULE 10Tax

Part 2Provisions relating to Part 5

Capital Allowances

22Flat conversion

1

If there is a Part 5 transfer of a relevant interest in a flat, Part 4A of the Allowances Act 2001 is to have effect as if the transfer were a balancing event within section 393N of that Act.

2

But the Part 5 transfer is not to be treated as a balancing event for the purposes of Part 4A of that Act other than by virtue of sub-paragraph (1).