.png)
.png)
HMRC have revised Notice 742A 'Opting to tax land and buildings', and published a number of new forms and certificates.
Following consultation, a new VATA 1994, Sch 10 (which deals with the option to tax of land and buildings) came into effect on 1 June 2008.
In addition to being re-written in a more simplified style to improve the understanding of the legislation, the new schedule also introduces the right for businesses to revoke an option to tax.
This includes necessary changes to facilitate revocation and a few minor additional changes requested by business.
The revised notice 742A replaces the March 2002 version and its three updates and also consolidates Information Sheet 03/08 which detailed the changes following the introduction of the new Sch 10. Information Sheet 03/08 is withdrawn from 31 May 2008.
In addition, HMRC are publishing a series of new and updated forms and certificates dealing with the option to tax. These forms and certificates, like the clearly marked boxed text in notice 742A, are tertiary legislation and have force of law.
The use of these forms and certificates is therefore compulsory although HMRC will, until further notice, continue to accept notification of an option to tax (form 1614A) in a different format (subject to all of the same required information being provided).
