Commentary

V16.954 VAT—changes to the operation of the option to tax on supplies of land and buildings

Part V16 Forms and other HMRC material

V16.954 VAT—changes to the operation of the option to tax on supplies of land and buildings

V16.954 VAT—changes to the operation of the option to tax on supplies of land and buildings

Information Sheet 14/09, 13 August 2009

This Information Sheet replaces Information sheet 12/09 which is withdrawn and is to be read in conjunction with Revenue & Customs Brief 51/09 (RCB/51/09, Division V16.3) which includes the text of the earlier Revenue & Customs Brief 44/09 that has also been withdrawn.

1 Introduction

1.1 This Information Sheet replaces Information sheet 12/09 which has been withdrawn as it contained an incorrect version of tertiary law. Condition 2, “the 20 year condition”, of Box G in Annex A was reproduced incorrectly. Revenue & Customs Brief 44/09, which referred to Information sheet 12/09, is also withdrawn although the relevant text is reproduced in an Annex attached to Revenue & Customs Brief 51/09 (RCB/51/09, Division V16.3).

1.2 The present Information sheet as before introduces and explains the minor amendments to Schedule 10 of VATA 1994 and the associated tertiary legislation (which have the force of law) that took effect from 1 August 2009.

1.3 Following a process of on-going consultation and discussion with business on the option to tax rules, a number of issues arising from the new Schedule 10 had been identified. These amendments (see paragraph 2 below), are intended to ensure greater flexibility for business without creating avoidance opportunities.

1.4 The tertiary legislation associated with these amendments is published in Annex A of this Information Sheet and will be published in a revised edition of Public Notice 742A “Opting to tax land and buildings”

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