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- Original (As enacted)
This is the original version (as it was originally enacted).
(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.
The following are balancing events in relation to a qualifying dwelling-house—
(a)the relevant interest in the dwelling-house is sold;
(b)if the relevant interest in the dwelling-house is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
(c)the dwelling-house is demolished or destroyed;
(d)the dwelling-house ceases altogether to be used (without being demolished or destroyed).
(1)References in this Part to the proceeds from a balancing event are to the amounts received or receivable in connection with the event, as shown in the Table—
1. Balancing event | 2. Proceeds from event |
---|---|
1. The sale of the relevant interest. | The net proceeds of the sale. |
2. The demolition or destruction of the dwelling-house. | The net amount received for the remains of the dwelling-house, together with— (a) any insurance money received in respect of the demolition or destruction, and (b) any other compensation of any description so received, so far as it consists of capital sums. |
3. The dwelling-house ceases altogether to be used. | Any compensation of any description received in respect of the event, so far as it consists of capital sums. |
(2)The amounts referred to in column 2 of the Table are those received or receivable by the person whose entitlement to a balancing allowance or liability to a balancing charge is in question.
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