Revocation of option: lapse of 6 years since having a relevant interestU.K.
[F124.(1)An option to tax exercised by any person in relation to any building or land is treated for the purposes of this Part of this Schedule as revoked if the person does not have a relevant interest in the building or land throughout any continuous period of 6 years beginning at any time after the option has effect.
(2)The option to tax is treated for the purposes of this Part of this Schedule as revoked from the end of that period.
(3)In this paragraph “a relevant interest in the building or land” means an interest in, right over or licence to occupy the building or land (or any part of it).
(4)This paragraph is subject to paragraph 26 (anti-avoidance).]
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)