Commentary

V7.382 Procedures for opting to tax a property

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.382 Procedures for opting to tax a property

Part V7 Tax planning | Commentary

V7.382 Procedures for opting to tax a property

There are two stages in opting to tax:

  1.  

    •     making the decision to opt to tax an interest in land or a building and recording this decision, for example, in board meeting minutes or other relevant correspondence (ie this is the internal decision confirming there are benefits in making the election)

  2.  

    •     making a formal notification in writing to HMRC of the decision, within 30 days of the decision being made. Note – HMRC extended the notification period for decisions made between 15 February 2020 and 31 May 2020 to 90 days. Decisions to opt to tax made outside these dates should be notified within 30 days in the usual way.

The notifications to HMRC

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