Section 32C — Value Added Tax Regulations 1995: Election not to be exempt

Election not to be exempt 32C 1 An election not to be exempt under regulation 32B must—

a be made before the start of the next prescribed accounting period (“the period”) in which the exemption would otherwise apply, and b specify the date that the next period begins.

2 An election has effect for the next period referred to in paragraph (1)(b) and for subsequent periods in which the exemption would otherwise apply.

3 An election may be withdrawn and the withdrawal shall have effect for the period which immediately follows the period in which it is notified and for subsequent periods.

4 An election and withdrawal of an election must be made by notice to the Commissioners.