C1F1Part 4A FLAT CONVERSION ALLOWANCES
Pt. 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. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Chapter 7 BALANCING ADJUSTMENTS
393N Balancing events
1
The following are balancing events for the purposes of this Part—
a
the relevant interest in the flat is sold;
b
a long lease of the flat is granted out of the relevant interest in consideration of the payment of a capital sum;
c
if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
d
the person who incurred the qualifying expenditure dies;
e
the flat is demolished or destroyed;
f
the flat ceases to be a qualifying flat (without being demolished or destroyed).
2
Section 393J(2) and (3) (meaning of “ long lease ”) apply for the purposes of subsection (1)(b).
Pt. 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