s 315 Main balancing events
(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— section 328 (realisation of capital value where site of building is in enterprise zone); section 343 (ending of highway concession); section 350 (additional VAT rebates and balancing adjustments); and a balancing event under this section may also occur as a result of section 317 (hotel not qualifying hotel for 2 years).