1 Commencement of six-month cooling-off period

The six-month period runs from the date on which the option to tax had effect.

2 Conditions for revoking option during six-month cooling-off period

The conditions which must be met to revoke the option to tax during the cooling-off period are as follows:

ano tax has become chargeable on a supply of the land as result of the option;

bno input tax is claimed or becomes allowable as a result of the option to tax;

cno transfer of a going concern has taken place;

dHMRC are notified on the appropriate form (VATA 1994, Sch. 10, para. 23).

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