Section 381 Balancing events (on making an election)F1

(1)

Any event described in subsection (2) is a balancing event, but only if an election is made in accordance with section 382 for it to be treated as such.

(2)

The events are—

(a)

the relevant interest is acquired as mentioned in section 375;

(b)

the agricultural building is demolished or destroyed;

(c)

the agricultural building ceases altogether to be used (without being demolished or destroyed).

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)