HMRC has issued VAT Information Sheet 12/09 which contains information about detailed changes to the option to tax which take effect on 1 August 2009.
They include changes to the following:
- relevant associate rules
- real estate elections
- revoking options after 20 years
- certain anti-avoidance provisions
- excluding new properties from an existing option
- the connected persons rule
The information sheet was issued on 27 July and can be found on the HMRC website here http://www.hmrc.gov.uk/news/index.htm