[Part 1 The Option to Tax Land]
Value Added Tax Act 1994 (1994 c 23) | Legislation

[SCHEDULE 10 Buildings and Land]

[Section 51]

[Part 1 The Option to Tax Land]

[Introduction

Overview of the option to tax

1

(1)     This Part of the Schedule makes provision for a person to opt to tax any land.

(2)     The effect of the option to tax is dealt with in paragraph 2 (exempt supplies become taxable), as read with paragraph 3.

(3)     Grants are excluded from the effect of paragraph 2 by—

(a)     paragraph 5 (dwellings designed or adapted, and intended for use, as dwelling etc),

(b)     paragraph 6 (conversion of buildings for use as dwelling etc),

(c)     paragraph 7 (charities),

(d)     paragraph 8 (residential caravans),

(e)     paragraph 9 (residential houseboats),

(f)     paragraph 10 (relevant housing associations), and

(g)     paragraph 11 (grant to individual for construction of dwelling).

(4)     Paragraphs 12 to 17 (anti-avoidance: developers of land etc) provide for certain supplies to which any grant gives rise to be excluded from the effect of paragraph 2.

(5)     Paragraphs 18 to 30 deal with—

(a)     the scope of the option to tax,

(b)     the day from which the option to tax has effect,

(c)     notification requirements,

(d)     elections to opt to tax land subsequently

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