The Institute has provided responses to the Draft Notice 742/X on the Option to Tax (the election to waive exemption), a new Notice on this complex subject. The section in the existing Notice 742 will be withdrawn. The new draft Notice looks at many issues in more detail and will provide valuable guidance on such issues as when permission is needed before opting to tax, what information should be provided with an application for such permission, when links between buildings can be ignored for the purposes of the option to tax, how the option to tax applies to land and any buildings thereon, a new recommended form for notifying the option to tax in a universal manner, and how the anti-avoidance rules work.
Please click on the link below to view the Institute’s comments and the Draft Notice.
Option to tax
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