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Introduction to the revocation of the option to tax

The option to tax is normally a long-term decision and therefore not one to be taken lightly. The advantages and disadvantages should be weighed up carefully since once the option has been taken, the circumstances in which it can be revoked are narrow. These advantages and disadvantages are explored in the Option to tax ― deciding whether to opt guidance note.

Broadly, the situations in which the option to tax can be revoked can be divided into the following categories (the conditions of which are explored further in this guidance note):

1. •

   revocation in a six-month cooling off period

2. •

   revocation where no interest