[F1360MWhen balancing adjustments are madeU.K.
(1)A balancing adjustment is made if—
(a)qualifying expenditure has been incurred in respect of a qualifying building, and
(b)a balancing event occurs.
(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 who incurred the qualifying expenditure.
(4)No balancing adjustment is made if the balancing event occurs more than [F25] years after the time when the premises were first used, or suitable for letting, for either of the purposes mentioned in section 360D(1)(b).
(5)If more than one balancing event within section 360N occurs, a balancing adjustment is made only on the first of them.]
Textual Amendments
F1Pt. 3A inserted (11.4.2007 with effect in accordance with s. 92 of the amending Act) by Finance Act 2005 (c. 7), Sch. 6 para. 1; S.I. 2007/949, art. 2
F2S. 360M(4) substituted (with effect in accordance with s. 66(10) of the amending Act) by Finance Act 2014 (c. 26), s. 66(9)