Section 380 When balancing adjustments are madeF1

(1)

A balancing adjustment is made if—

(a)

qualifying expenditure has been incurred, and

(b)

a balancing event occurs in a chargeable period for which a person would (apart from this section) be entitled to a writing-down allowance.

(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 relation to the qualifying expenditure immediately before the balancing event.

Annotations

Textual amendments

F1: Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)

Notes on Part 4

Modifications

C1: Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)