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You are opting to tax land. For the purposes of VAT, the term âlandâ includes buildings. When you opt to tax, you can specify an area of land or a âbuildingâ. Commonly, you will specify a âbuildingâ because that is the prominent feature of the land.f you have recovered input tax on the basis of an intention to opt to tax and wish to retain the input tax recovered, you must make an option to tax at the very latest before any supplies of the land or buildings are made, and notify the option as detailed in paragraph 4.2.
Example 1 - Exercising the landlord's option to tax at development stage and at commencement of the letting. Mr. A develops a building in 2012 which is to be let to commercial tenants. He intends to opt to tax the lettings and registers for VAT on the basis that he will make taxable lettings of the property.He claims a repayment in respect of the VAT charged by the builder, architects, etc.Mr. A is treated as having exercised the landlord's option to tax the letting.ettings are exempt supplies of services for VAT purposes. A landlord who makes an exempt letting is not entitled to deduct VAT incurred on the acquisition or development of a property, which is subject to the letting. A landlord may opt to tax a letting.