[F1315 Main balancing eventsU.K.
(1)The following are balancing events for the purposes of this Part—
(a)the relevant interest in the building is sold;
(b)if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
(c)the building is demolished or destroyed;
(d)the building ceases altogether to be used (without being demolished or destroyed);
(e)if the relevant interest depends on the duration of a foreign concession, the concession ends.
(2)“Foreign concession” means a right or privilege granted by the government of, or any municipality or other authority in, a territory outside the United Kingdom.
(3)Other balancing events are provided for by—
section 328 (realisation of capital value where site of building is in enterprise zone);
section 343 (ending of highway concession);
section 350 (additional VAT rebates and balancing adjustments);
and a balancing event under this section may also occur as a result of section 317 (hotel not qualifying hotel for 2 years).]
Textual Amendments
F1Pt. 3 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85, 86 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)