Section 315 | Main balancing events ^F1

(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—and a balancing event under this section may also occur as a result of section 317 (hotel not qualifying hotel for 2 years).