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A brand new edition of this established title, completely rewritten to reflect changes to the VAT and property rules including the anticipated new Schedule 10 to the VAT Act and recent case law. More fundamentally, there will be new material on every aspect of the option. In particular, there will be new rules on the duration of the option to tax, when it can be revoked, and what it affects.
There will be a new Schedule 10 to the VAT Act 1994 and certain consequential changes will be made to other VAT legislation, including new appeal rights, accompanied by a public notice having the force of law. The new measures will enable taxpayers to revoke an option to tax after 20 years.
The rewritten legislation will have effect on and after 1 June 2008. The earliest date an option to tax will be revocable will be 1 August 2009.
A number of associated changes will also improve practical administration of the option to tax and its revocation will be included in the legislation. These deal with: