Section 318 | Building an industrial building etc. throughout ^F1

(1)This section provides for balancing adjustments where the building was—^F1

(a)an industrial building, or^F1

(b)used for research and development,^F1

for the whole of the relevant period of ownership.

(2)A balancing allowance is made if—^F1

(a)there are no proceeds from the balancing event, or^F1

(b)the proceeds from the balancing event are less than the residue of qualifying expenditure immediately before the event.^F1

(3)The amount of the balancing allowance is the amount of—^F1

(a)the residue (if there are no proceeds);^F1

(b)the difference (if the proceeds are less than the residue).^F1

(4)A balancing charge is made if the proceeds from the balancing event are more than the residue, if any, of qualifying expenditure immediately before the event.^F1

(5)The amount of the balancing charge is the amount of—^F1

(a)the difference, or^F1

(b)the proceeds (if the residue is nil).^F1