Part 10

Assured tenancy allowances
Chapter 6

Balancing adjustments

Meaning of “the relevant period of ownership” etc.

Starting expenditure
521
1
This section gives the starting expenditure attributable to a dwelling-house for the purposes of section 517.
2
If the person to or on whom the balancing allowance or balancing charge falls to be made is the person who incurred the qualifying expenditure attributable to the dwelling-house, that expenditure is the starting expenditure.
3
Otherwise, the starting expenditure is the residue of qualifying expenditure attributable to the dwelling-house at the beginning of the relevant period of ownership.
4
If section 528 (treatment of demolition costs) applies, the starting expenditure is increased by an amount equal to the net cost of the demolition.