# Finance Act 2000, Paragraph 83

Extent: E+W+S+N.I.

(1) This paragraph applies where, in an accounting period during which a company is subject to tonnage tax, a balancing event occurs in relation to an industrial building in respect of which qualifying expenditure was incurred by the company before its entry into tonnage tax.
(2) A “balancing event” means an event by reason of which the company is required by Part 3 of the Capital Allowances Act 2001 to bring into account any proceeds. In determining whether such an event has occurred references in that Part of that Act to a trade or undertaking shall be read as including the company’s tonnage tax trade.
(3) Where this paragraph applies—
(a) the proceeds to be brought into account in respect of the industrial building are limited to the market value of the relevant interest when the company entered tonnage tax; and
(b) the amount of any balancing charge under that Part is reduced in accordance with paragraph 78.

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/22/paragraph/83 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-22/paragraph-83
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.