The table below provides a summary of the circumstances when, subject to conditions, an option to tax is revoked. Commentary regarding each of the circumstances is provided under separate headings.
| Circumstances | Legislation |
| Revocation of option to tax: the cooling off period | VATA 1994, Sch 10, para 23 |
| Revocation of option to tax: lapse of six years since having a relevant interest | VATA 1994, Sch 10, para 24 |
| Revocation of option to tax: lapse of more than 20 years since option had effect | VATA 1994, Sch 10, para 25 |
Revocation of an option to tax—Notice 742A
VATA 1994, Sch 10, paras 23 and 25, refer to a 'public notice'. The 'public notice' is Notice 742A, which includes information which has the force of law and has been drafted using precise terms which must be complied with.
Revocation of option to tax: the cooling off period
The effect of VATA 1994, Sch 10, para 23 is that an option to tax may be
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