Revocation of option: lapse of more than 20 years since option had effectU.K.
[F125.(1)An option to tax any land exercised by any person (“the taxpayer”) may be revoked if the time that has lapsed since the day on which the option had effect is more than 20 years and—
(a)at the time when the option is to be revoked the conditions specified in a public notice are met in relation to the option (in which case, see sub-paragraphs (2) to (4)), or
(b)the taxpayer gets the prior permission of the Commissioners (in which case, see the remaining sub-paragraphs).
(2)If the conditions specified in the public notice are met in relation to the option, the revocation has effect only if notification of the revocation is given to the Commissioners.
(3)The notification must—
(a)be made in the specified form,
(b)state the day from which the option is to be revoked (which may not be before the day on which the notification is given),
(c)contain a statement by the taxpayer certifying that, on that day, the conditions specified in the public notice are met in relation to the option, and
(d)contain other information specified in a public notice.
(4)If—
(a)notification of the revocation of an option is given to the Commissioners on the basis that the conditions specified in the public notice were met in relation to the option, but
(b)it is subsequently discovered that those conditions were not met in relation to the option,
the Commissioners may nonetheless treat the option as if it had been validly revoked in accordance with this paragraph.
(5)An application for the prior permission of the Commissioners must—
(a)be made in a form specified in a public notice,
(b)contain a statement by the taxpayer certifying which (if any) of the conditions specified in the public notice under sub-paragraph (1)(a) are met in relation to the option, and
(c)contain other information specified in a public notice.
(6)If the taxpayer gets the prior permission of the Commissioners for the revocation of an option, the option is revoked from—
(a)the day on which the Commissioners give their permission, or
(b)such earlier or later day as they specify in their permission.
(7)The Commissioners may specify an earlier day only if—
(a)the taxpayer has purported to give a notification of the revocation of the option,
(b)the conditions specified in the public notice are not, in the event, met in relation to the option, and
(c)the Commissioners consider that the grounds on which those conditions are not so met are insignificant.
(8)The day specified may be the day from which the option would have been revoked if those conditions had been so met.
(9)The Commissioners may specify conditions subject to which their permission is given and, if any of those conditions are broken, they may treat the revocation as if it had not been made.]
Textual Amendments
F1Sch. 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)