SCHEDULES
F1SCHEDULE 10 BUILDINGS AND LAND
PART 1THE OPTION TO TAX LAND
Introduction
1Overview of the option to tax
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 acquired,
e
the revocation of the option,
f
the effect of the option to tax in relation to new buildings, and
g
requirements for prior permission in the case of exempt grants made before the exercise of an option to tax.
6
Paragraphs 31 to 34 deal with definitions which apply for the purposes of this Part, as well as other supplemental matters.
Sch. 10 substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Value Added Tax (Buildings and Land) Order 2008 (S.I. 2008/1146), arts. 1(1), 2 (with Sch. 2)