Part 10 Assured tenancy allowances
Chapter 6 Balancing adjustments
General
513 When balancing adjustments are made
(1)
A balancing adjustment is made if—
(a)
qualifying expenditure has been incurred on a building, and
(b)
a balancing event occurs in relation to a dwelling-house comprised in the building while it is a qualifying dwelling-house.
(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 entitled to the relevant interest in the dwelling-house immediately before the balancing event.
(4)
No balancing adjustment is made if the balancing event occurs more than 25 years after the dwelling-house was first used.