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Not Simpler, Just Better

Martin Scammell of Eversheds LLP looks at the new rules for the option to tax
And so at last the new Schedule 10 to the VAT Act is here. It has been a long time in the making. But after last minute delays the Order was duly laid on 22 April and the new legislation comes into effect on 1 June.
What Of It?
The whole Schedule has been redrafted. Superseded material mainly about the developer's self-supply — scrapped eleven years ago — has gone. But the substantive changes concern the option to tax. The very basics may remain the same but the detailed changes are numerous and will often make a real difference...

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