revoked option

[Nonimous]

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subject to any input VAT clawback, unless it comes to light that any adjustments were not properly done when the option was revoked.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?

[les35]

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?