option to tax

option to tax
= election to waive exemption
An irrevocable election made by a landlord to charge value added tax on exempt supplies of buildings (rents). This enables the otherwise irrecoverable input VAT on costs relating to the property to be reclaimed by the landlord against the output tax charged on the rents. In 2004 the Chancellor of the Exchequer announced that a consultation document would be published on the future of option to tax.

Accounting dictionary. 2014.

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