- HMRC’s Form VAT1614J has been updated for revoking an option to tax (OTT) after 20 years have passed.
- The form and supporting documents should now be sent to the new address: BT VAT, HM Revenue and Customs, BX9 1WR.
- Scanned copies of the form can also be emailed to [email protected].
- A business can revoke an OTT without prior permission from HMRC if more than 20 years have elapsed since the option first had effect.
- The revocation will take effect from the day specified by the taxpayer when notifying HMRC.
- Revoking an OTT has several outcomes, including exempting any income relating to the property, making input tax unrecoverable, and potentially requiring a business to deregister if no other taxable supplies are made.
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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