[F117(1)This paragraph applies where there is a relevant transfer of property which is the relevant interest in relation to any expenditure for which the BBC would be entitled to an allowance (other than a balancing allowance) under Part 4 of the Capital Allowances Act (agricultural buildings allowances).E+W+S+N.I.
(2)Where this paragraph applies, then, as respects the transferee—
(a)his acquisition of the relevant interest shall be treated for the purposes of Part 4 of the Capital Allowances Act as a balancing event within subsection (2)(a) of section 381 (regardless of the lack of any election); and
(b)section 376(2) shall apply as if—
(i)the value to be assigned to RQE (residue of qualifying expenditure immediately after event) were the prescribed amount; and
(ii)the value to be assigned to B (remaining writing-down period) were such as the Secretary of state may by order specify.
(3)This paragraph shall not have effect in relation to any property if paragraph 12(3) has effect in relation to it.]