Notification Date for Options to Tax Extended
In the latest update published on the 2 November 2020 HMRC has extended the period of time for options to tax covered by the 90 day notification – usually we have 30 days to notify of an option to tax from the date the decision was made but with the pressure on resources at HMRC due to Covid this was extended to 90 days. The period of time covered was for options made in the period to the end of October 2020 but this has now been extended to the 31 March 2021.
The guidance note states:
“We have temporarily extended the time limit to 90 days from the date the decision to opt was made.
This applies to decisions made between 15 February 2020 and 31 March 2021.”
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