VAT Property Refurb

[pjclar02]

Hello there

Section 8 of your link provides an overview of your options for revoking an option to tax. The option to tax can normally only be revoked after 20 years. There is a "cooling off period" which allows you to revoke the option to tax within six months of registering it, but this would not apply if you have already recovered input tax in relation to the property.

Hope this helps.

[Generix]

Hello there

Section 8 of your link provides an overview of your options for revoking an option to tax. The option to tax can normally only be revoked after 20 years. There is a "cooling off period" which allows you to revoke the option to tax within six months of registering it, but this would not apply if you have already recovered input tax in relation to the property.

Hope this helps.

(a) If I remember correctly (without reading all the posts again) you are going to be renting or selling a residential property. To which any OTT will be ignored anyway - i.e. a residential sale/letting is nearly always exempt

(b) Even if (a) didn't apply then, the answer is still no, as given property prices these days, you will always be within the capital goods scheme and moreover the rules for assets on deregistration would catch you.

[Generix]

Sorry I meant to quote the OP not th poster above me =p

[section 44]

Even if (a) didn't apply then

(a) would apply, any option to tax would be ineffective as the property is residential

[Generix]

Even if (a) didn't apply then

(a) would apply, any option to tax would be ineffective as the property is residential

For avoidance of doubt, though I didn't make it very clear: What I was getting at was that, even ignoring (a), it doesn't work anyway, I didn't mean to state that (a) was avoidable/optional.