Schedule 10, Part 1, paragraph 23(1)

An option to tax any land exercised by any person (“the taxpayer”) may be revoked with effect from the day on which it was exercised if— the time that has lapsed since the day on which the option had effect is less than 6 months, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . no tax has become chargeable as a result of the option, there is no relevant transfer of a business as a going concern (see sub-paragraph (2)), and notification of the revocation is given to the Commissioners (see sub-paragraph (3)).

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Source: legislation.gov.uk · retrieved 2026-07-28