This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.


Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

revoked option

Posts: 71
Joined: Thu Jul 16, 2009 12:39 pm

revoked option

Postby Nonimous » Tue Feb 12, 2019 10:34 am

I am fairly happy with this but one of the partners seems to think there must be a catch..

Client bought property sometime in the 1990s and opted to tax it
Once the 20 years were up they revoked the option
They now want to deregister the business from VAT
As far as I can see, the property is no longer opted to tax and therefore cannot be subject to any input VAT clawback, unless it comes to light that any adjustments were not properly done when the option was revoked.
Does that sound right?

Posts: 552
Joined: Wed Aug 06, 2008 3:09 pm

Re: revoked option

Postby les35 » Wed Feb 13, 2019 9:28 am

In principle, yes. Once the Option is revoked there is no self supply charge at deregistration.
Other questions would need to be closed off; partial exemption? CGS, etc?

Return to “VAT & Excise Duties”