000			01320cab a2200193 4500
001			##L132262
008			060123n2006 000 0 eng u
035			_a(Sirsi) u132262
041	0		_aeng
100	1		_aElliott, Graham
245	0	2	_aA value added or subtracted
260			_c2006
490		0	_aEstates Gazette _v(0602) 14 January 2006, 108(1)
520			_aAnalyses the criteria for revoking the option to apply VAT to property set out in HM Treasury's 2005 pre-Budget report. The option to tax legislation has always included a provision for revocation after a property has been within the option for 20 years but it requires HMRC's approval to revoke. The legislation was introduced in 1989 so revocations can arise from 2009. Looks at the conditions for revocation which if met fully will result in automatic consent to revoke. If complete compliance is not the case, it may still be possible to reach an agreement with HMRC based on special circumstances applying. Suggests that tenants wishing their landlords to revoke should insist on revocation being made at the earliest possible juncture and that landlords do nothing to invalidate that opportunity without first consulting their tenants.
590			_aIKA310106
650	2	4	_aVALUE ADDED TAX
690			_aPROPERTY-PROPERTY TAXATION
942			_n0
999			_c76380 _d76380