Amendment of Schedule 10 to the Value Added Tax Act 1994
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4. In paragraph 21 (real estate elections: elections to opt to tax land subsequently acquired), after sub-paragraph (12) insert—
“(13) For the purposes of this paragraph, the time at which a relevant interest in any building or land is acquired is—
(a)the time at which a supply is treated as taking place for the purposes of the charge to VAT in respect of the acquisition, or
(b)if there is more than one such time, the earliest of them.
(14) For the purposes of sub-paragraph (13)(a), any order under section 5(3)(c) that would otherwise have the effect that the acquisition in question is to be treated as neither a supply of goods nor a supply of services is to be disregarded.”.