We reported on 28 April 2008 that new rules were to be introduced in relation to the option to tax (“OTT”) for land and buildings.

These new rules come into effect on 1 June 2008. HMRC have now issued a revised Notice 742A (June 2008). This Notice sets out the new rules and also replaces Information Sheet 03/08.

There are also a number of new and revised forms which are detailed at Annex 1 of the Notice and available to download from HMRC’s website.

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