Details of the Section
2.Subsection (1) provides for an amendment to paragraph 4 of Schedule 2 to AHA. The exercise or revocation of the option to tax by a landlord or a change in the rate of VAT applicable to the lease will not affect the right of either party to the lease to apply for an arbitration of rent.
3.Subsection (2) provides that the amendment will apply to options, revocations or VAT rate changes that have effect before the date of Royal Assent.
4.Subsection (3) clarifies that the reference to “option to tax” also includes an “election to waive exemption” if made before 1 June 2008. Similarly, any references to the “exercise or revocation” of such an option include the “making or revocation” of such an election.
