Part 3A

Business Premises Renovation Allowances
Chapter 8

BALANCING ADJUSTMENTS

When balancing adjustments are made
360M
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
5
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.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Pt. 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
S. 360M(4) substituted (with effect in accordance with s. 66(10) of the amending Act) by Finance Act 2014 (c. 26), s. 66(9)