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Option to tax
Further to the Pre-Budget Report announcement, Customs Business Brief 32 provides details of a three-month consultation entitled 'The future of the option to tax'.
The first options to tax will become eligible for revocation in August 2009. In order to take into account business practices and needs, the Government is seeking the views and suggestions of property owners to assist in establishing the conditions under which written permission to revoke the option will be given.
Option to tax
Further to the Pre-Budget Report announcement, Customs Business Brief 32 provides details of a three-month consultation entitled 'The future of the option to tax'.
The first options to tax will become eligible for revocation in August 2009. In order to take into account business practices and needs, the Government is seeking the views and suggestions of property owners to assist in establishing the conditions under which written permission to revoke the option will be given.
As well as looking at issues relating to revocations, the document also deals with a number of associated issues including: the possibility of early revocations; one option covering all properties held (global options); opted properties transferred between members of VAT groups; demolition of opted buildings and how the option applies to extended or linked buildings. These associated issues need to be addressed to ensure the smooth application of any future revocations, but in some cases may have wider application.
The document can be downloaded from Customs website at www.hmce.gov.uk. Printed copies are available from Iain Burt, tel: 020 7865 4842, e-mail iain.burt@hmce.gsi.gov.uk, or Katherine Thompson, tel: 020 8929 0711, e-mail katherine.thompson@hmce.gsi.gov.uk.
Responses must be received by 2 March 2005 and sent to: James Ormanczyk, VAT: The Future of the Option to Tax, HM Customs and Excise, Land and Property Team, Third Floor, 1 Parliament Street, London, SW1A 2BQ, e-mail: vrc.review@hmce.gsi.gov.uk.
(Customs Business Brief 32/2004 dated 2 December 2004.)
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