Schedule 10, Part 1, paragraph 25(1)

An option to tax any land exercised by any person (“the taxpayer”) may be revoked if the time that has lapsed since the day on which the option had effect is more than 20 years and— at the time when the option is to be revoked the conditions specified in a public notice are met in relation to the option (in which case, see sub-paragraphs (2) to (4)), or the taxpayer gets the prior permission of the Commissioners (in which case, see the remaining sub-paragraphs).

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