SCHEDULES
SCHEDULE 10Tax
Part 2 Provisions relating to Part 5
Capital Allowances
I124
1
Paragraph 23 does not apply to determine the proceeds from the balancing event if—
a
the relevant interest in the flat is partnership property, and
b
compensating payments are made to one or more, but not both or all, of the partners.
2
Instead, the proceeds from the balancing event are the sum of—
a
any compensating payments made to any of the partners, and
b
in the case of each partner to whom a compensating payment has not been made, his share of the amount which is equal to the residue of qualifying expenditure immediately before the transfer.
3
A partner’s share of that amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the transfer.