Part 10

Assured tenancy allowances
Chapter 6

Balancing adjustments

Calculation of balancing adjustments

Dwelling-house a qualifying dwelling-house throughout
516
1
This section provides for balancing adjustments in cases where the dwelling-house was a qualifying dwelling-house for the whole of the relevant period of ownership.
2
A balancing allowance is made if—
a
there are no proceeds from the balancing event, or
b
the proceeds from the balancing event are less than the residue of qualifying expenditure attributable to the dwelling-house immediately before the event.
3
The amount of the balancing allowance is the amount of—
a
the residue (if there are no proceeds);
b
the difference (if the proceeds are less than the residue).
4
A balancing charge is made if the proceeds from the balancing event are more than the residue of qualifying expenditure attributable to the dwelling-house immediately before the event.
5
The amount of the balancing charge is the amount of the difference.
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