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When balancing adjustments are made

A 'balancing adjustment' is made if qualifying expenditure has been incurred and a balancing event occurs¹. A 'balancing adjustment' is either a balancing allowance or a balancing charge; the adjustment is made for the chargeable period in which the balancing event (see below) takes place².

The balancing allowance or balancing charge is made on the person who incurred the qualifying expenditure³.

A balancing adjustment is not made if the balancing event takes place more than five years (seven years for expenditure incurred before 1 April 2014 (corporation tax) or 6 April 2014 (income tax)) after the time when the qualifying building was first used or suitable for letting for use for either of the purposes mentioned in head (b) of B3.1104⁴.

Where more than one balancing event occurs, only the first gives rise to a balancing adjustment⁵.

Balancing events

The following are balancing events for the purposes of the BPRA code⁶:

1. Ìý

   (a)ÌýÌýÌýÌý the relevant interest in the