Part 3A

Business Premises Renovation Allowances
Chapter 8

BALANCING ADJUSTMENTS

Balancing events
360N
1
The following are balancing events for the purposes of this Part—
a
the relevant interest in the qualifying building is sold;
b
a long lease of the qualifying building is granted out of the relevant interest in consideration of the payment of a capital sum;
c
if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
d
the person who incurred the qualifying expenditure dies;
e
the qualifying building is demolished or destroyed;
f
the qualifying building ceases to be qualifying business premises (without being demolished or destroyed).
2
Section 360I(2) and (3) (meaning of “long lease”) applies for the purposes of subsection (1)(b).
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