129O.— (1) If, during a chargeable period, a rateable property subject to a BID contribution levy is demolished or destroyed to the extent that it is incapable of rateable occupation by the owner of the property, the BID levypayer may apply in writing to the rating authority concerned for a refund or credit on the amount of the levy paid or payable for the chargeable period.

(2) On receiving the application and being satisfied that the condition described in subsection (1) has been met, the rating authority shall prorate the amount of the BID contribution levy that was paid or is payable for that portion of the chargeable period during which the property is incapable of rateable occupation and that prorated amount shall be—

(a) refunded to the applicant BID levypayer, in the case where the levy has already been paid in full,

(b) refunded to the applicant BID levypayer to the extent that any partial payment of the levy that has been made would result in an overpayment because of the application of this subsection, or

(c) if paragraphs (a) and (b) do not apply, credited to the account of the applicant BID levypayer.]