SCHEDULES
F1SCHEDULE 10 BUILDINGS AND LAND
PART 1THE OPTION TO TAX LAND
Scope of the option, its duration, notification etc
20Requirement to notify the option
1
An option to tax has effect only if—
a
notification of the option is given to the Commissioners within the allowed time, and
b
that notification is given together with such information as the Commissioners may require.
2
Notification of an option is given within the allowed time if (and only if) it is given—
a
before the end of the period of 30 days beginning with the day on which the option was exercised, or
b
before the end of such longer period beginning with that day as the Commissioners may in any particular case allow.
3
The Commissioners may publish a notice for the purposes of this paragraph specifying—
a
the form in which a notification under this paragraph must be made, and
b
the information which a notification under this paragraph must contain.
4
Notification of an option to tax does not need to be given under this paragraph if the option is treated as exercised in accordance with paragraph 29(3).
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)