# Capital Allowances Act 2001, Section 315: Main balancing events


(1) The following are balancing events for the purposes of this Part—
(a) the relevant interest in the building is sold;
(b) if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;
(c) the building is demolished or destroyed;
(d) the building ceases altogether to be used (without being demolished or destroyed);
(e) if the relevant interest depends on the duration of a foreign concession, the concession ends.
(2) “Foreign concession” means a right or privilege granted by the government of, or any municipality or other authority in, a territory outside the United Kingdom.
(3) Other balancing events are provided for by—
section 328 (realisation of capital value where site of building is in enterprise zone);
section 343 (ending of highway concession);
section 350 (additional VAT rebates and balancing adjustments);
and a balancing event under this section may also occur as a result of section 317 (hotel not qualifying hotel for 2 years).

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Source: https://www.legislation.gov.uk/ukpga/2001/2/section/315 (the official version)
Page: https://openlegislation.uk/capital-allowances-act-2001/section-315
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.