Option to Tax definition

Option to Tax a landlord’s option to tax the rents and other consideration payable under this Lease pursuant to section 97(1)(a) (i) and (ii) of the VAT Act “Permitted Use” use as offices

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Option to Tax means an option to tax land pursuant to Schedule 10 VATA 1994.

Option to Tax means an option to tax a property for VAT purposes pursuant to Article 137 of EC Council Directive 2006/112 on the common system of value added tax or any similar rules in accordance with the Law relating to VAT in any other jurisdiction;

Examples of Option to Tax in a sentence

• If it is the intention of the purchaser to convert this building to a dwelling they must complete, prior to exchange of contracts, the HMRC form: Certificate to Disapply the Option to Tax: Buildings to be Converted into Dwellings etc.

• By way of example, the conversion of options under Section 3.02(a)(i) shall be made in a manner that will not subject a Converted Option to Tax under Section 409A of the Code or cause any such Converted Option that was intended to be an incentive stock option (within the meaning of Section 422 of the Code) to fail to be an incentive stock option.

• The Landlord further acknowledges and agrees that where the Landlord’s Option to Tax is terminated the Landlord shall during the term of this lease avail in so far as it is able of the next opportunity to re-exercise the Landlord’s Option to tax and shall use reasonable endeavours to procure that any claim for a credit or refund of VAT due to the Landlord as a result of such re-exercise is processed expeditiously.

• Any termination of the Landlord’s Option to Tax shall be at the sole discretion of the Landlord.

• Any termination of the Landlord’s Option to Tax pursuant to this clause shall be at the sole discretion of the Landlord.

• If the Landlord exercises the Option to Tax, written notification of it shall issue to the Tenant.

• The Tenant hereby agrees that, when the Option to Tax is exercised, the Tenant shall pay all VAT as shall be exigible in relation to this Lease and all sums payable under this Lease on receipt of a valid VAT invoice.

• Plots the Council may elect to exercise an Option to Tax by serving written notice on the Developer at any time before the first interim viability assessment is carried out pursuant to paragraph 2 of Schedule 5 for any Plot (provided that the Council may change its decision where the Developer does not proceed to take further steps (and notify the Council of such steps) in relation to a Plot on the basis of the interim viability assessment within 40 Working Days of issue of the written notice).

More Definitions of Option to Tax

Option to Tax means a valid option to tax, election to waive the exemption or real estate election in relation to the Property pursuant to schedule 10 of the VAT Act;

Option to Tax means an option to tax within the meaning of paragraph 2 Schedule 10 of the VAT Act;

Option to Tax has the meaning given to it in Part 1 of Schedule 10 to the VATA 1994. Permitted Use: [insert use] within Use Class E (e) of the Town and Country Planning (Use Classes) Order 1987 (as at the date this lease is granted and as amended by the Town and Country Planning (Use Classes) (Amendment) (England) Regulations 2020)

Option to Tax means an Option to Tax the Property for VAT purposes pursuant to part 1 of schedule 10 of the Value Added Tax ▇▇▇ ▇▇▇▇.