Part 3Industrial buildings allowances

Chapter 7Balancing adjustments

General

316Proceeds from main balancing events

(1)

References in this Part to the proceeds from a balancing event within section 315(1) are to the amounts received or receivable in connection with the event, as shown in the Table—

TableBalancing events and proceeds

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 building.

The net amount received for the remains of the building, together with—

  1. (a)

    any insurance money received in respect of the demolition or destruction, and

  2. (b)

    any other compensation of any description so received, so far as it consists of capital sums.

3. The building ceases altogether to be used.

Any compensation of any description received in respect of the event, so far as it consists of capital sums.

4. A foreign concession ends.

Any compensation payable in respect of the relevant interest.

(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.