Amendment of Schedule 10 to the Value Added Tax Act 19944
In paragraph 21 (real estate elections: elections to opt to tax land subsequently acquired), after sub-paragraph (12) insert—
13
For the purposes of this paragraph, the time at which a relevant interest in any building or land is acquired is—
a
the time at which a supply is treated as taking place for the purposes of the charge to VAT in respect of the acquisition, or
b
if there is more than one such time, the earliest of them.
14
For the purposes of sub-paragraph (13)(a), any order under section 5(3)(c) that would otherwise have the effect that the acquisition in question is to be treated as neither a supply of goods nor a supply of services is to be disregarded.