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Section 515 | Proceeds from balancing events

From legislation.gov.uk

(1)References in this Part to the proceeds from a balancing event are to the amounts received or receivable in connection with the event, as shown in the Table—

Table
1. Balancing event2. Proceeds from event
1. The sale of the relevant interest.The net proceeds of the sale.
2. The demolition or destruction of the dwelling-house.The net amount received for the remains of the dwelling-house, together with—(a) any insurance money received in respect of the demolition or destruction, and(b) any other compensation of any description so received, so far as it consists of capital sums.
3. The dwelling-house ceases altogether to be used.Any compensation of any description received in respect of the event, so far as it consists of capital sums.

(2)The amounts referred to in column 2 of the Table are those received or receivable by the person whose entitlement to a balancing allowance or liability to a balancing charge is in question.