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What is a real estate election?

An REE is a formal decision made by a business that (with certain exceptions) it will be treated as having opted to tax every property in which it (or a member of its VAT group) subsequently acquires an interest.

An REE differs from what is known as a ‘global option to tax’. A global option applies to a large number of properties that are not specifically identified (for example ‘all current property holdings and future acquisitions’). A global option has a significant downside being that it cannot be revoked on a property-by-property basis. This is different to an REE where individual options can be revoked, subject to meeting the normal conditions for revocation. Although some global options still exist, it is no longer possible to opt to tax all