BB/3B/06 VAT—new version of form VAT 1614 “Option to tax land and buildings” notification form
Business Brief, Issue 3. 9 March 2006
This Business Brief announces a new version of form VAT 1614 for use by businesses notifying an option to tax (election to waive exemption) on land and buildings. This new form has been introduced to reduce the large number of supplementary questions that HMRC have to raise in response to notifications, and thereby minimising any delays.
Who is affected?
All businesses that make an option to tax.
Businesses that opt to tax land and property are required to notify HMRC within 30 days of exercising that option. To do this, businesses can either use form VAT 1614, which can be downloaded from the HMRC web site (www.hmrc.gov.uk), or can supply the same information in another format (eg a letter) and, in either case, send to the Option to Tax