Commentary

RCB/8/10 VAT—land and buildings – changes to the operation of the option to tax and updated definitions of housing associations

Part V16 Forms and other HMRC material

RCB/8/10 VAT—land and buildings – changes to the operation of the option to tax and updated definitions of housing associations

RCB/8/10 VAT—land and buildings – changes to the operation of the option to tax and updated definitions of housing associations

Revenue & Customs Brief, Issue 8. 10 March 2010

This Revenue and Customs Brief announces three changes to Sch 10 of VATA 1994 which deals with the liability of supplies of land and buildings and one change to Group 5 to Sch 8 of VATA 1994 which deals with the zero-rate for construction services. These changes are:

  1.  

    —     simplification of the operation of the option to tax

  2.  

    —     simplification of the six–month “cooling-off” period to revoke an option to tax, and

  3.  

    —     changes to the definition of a housing association.

These amendments all come into effect on 1 April 2010.

Background

Schedule 10 to VATA 1994 deals primarily with the option to tax on supplies of land and buildings. Following a series of amendments to block aggressive tax avoidance

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