As noted at V4.117, if an option to tax is exercised in relation to any land, but is not exercised by reference to a building or part of a building, the option is generally taken to have effect in relation to any building which is, or is to be, constructed on the land as well as in relation to land on which no building is constructed. In certain circumstances it may be appropriate to consider choosing to exclude a new building from the effect of an option to tax.
An example of when it may be appropriate to consider choosing to exclude a new building from the effect of an option to tax is where the initial use of the building is fully taxable without opting to tax. For example,
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 15:11