Yes
1 Time limit: Pre-completion OPT has a time limit of 12 months whereas there is no limit on the number of months for CPT. 2  Effect on (post-completion) OPT time: Pre-completion OPT counts toward the 12 month OPT limit (thus cutting into the length of possible time that can be spent on post-completion OPT).  The notification is generally done by submitting Form VAT 1614A for a ‘normal’ option to tax (Form VAT 1614H if HMRC’s permission to opt is required and Form VAT 1614E for a real estate election) and whilst use of the form is not mandatory, HMRC increasingly request that it is completed. In addition, there are some supplies of property where the option to tax will not apply even if one has been made. These are briefly: – buildings designed or adapted and intended for use as a dwelling; – non-residential buildings where the purchaser certifies that it is 1 If your landlord has opted to tax a property which you lease and you intend to sublease part of the property, you may need to opt to tax the building yourself if you do not want your rental income to be VAT exempt.  Your option to tax will not apply if you supply a building, or part of a building that’s designed or adapted for use for a relevant residential purpose (such as a nursing home) and the purchaser or tenant informs you before you make your supply that it is intended for use solely for a relevant residential purpose. If you have recovered input tax on the basis of an intention to opt to tax and wish to retain the input tax recovered, you must make an option to tax at the very latest before any supplies of the land or buildings are made, and notify the option as detailed in paragraph 4.2. You are opting to tax land. For the purposes of VAT, the term ‘land’ includes buildings. When you opt to tax, you can specify an area of land or a ‘building’. Commonly, you will specify a ‘building’ because that is the prominent feature of the land. If you have recovered input tax on the basis of an intention to opt to tax and wish to retain the input tax recovered, you must make an option to tax at the very latest before any supplies of the land or buildings are made, and notify the option as detailed in paragraph 4.2. OPT. 1  OPT must relate to your major or course of study. 2  You can apply for 12 months of OPT at each education level, (i.e., you may have 12 months of OPT at the bachelor’s level and another 12 months of OPT at the master’s level). 1 You can apply for 12 months of OPT at each education level, (i.e., you may have 12 months of OPT at the bachelor’s level and another 12 months of OPT at the master’s level). 2  Your DSO will provide you with a new Form I-20 that shows the DSO recommendation for this employment Example 1 - Exercising the landlord's option to tax at development stage and at commencement of the letting. Mr. A develops a building in 2012 which is to be let to commercial tenants. He intends to opt to tax the lettings and registers for VAT on the basis that he will make taxable lettings of the property. He claims a repayment in respect of the VAT charged by the builder, architects, etc. Mr. A is treated as having exercised the landlord's option to tax the letting. Lettings are exempt supplies of services for VAT purposes. A landlord who makes an exempt letting is not entitled to deduct VAT incurred on the acquisition or development of a property, which is subject to the letting. A landlord may opt to tax a letting. The benefit of opting to tax is that it ensures VAT incurred on costs should be recoverable but, in some cases, deciding not to opt to tax may overall lead to a higher commercial return depending upon the precise facts. Once made, an option to tax can only be revoked in limited circumstances. In addition, there are some supplies of property where the option to tax will not apply even if one has been made. These are briefly: – buildings designed or adapted and intended for use as a dwelling; – non-residential buildings where the purchaser certifies that it is You may still opt to tax a large area, such as the whole of the UK, if you wish to. However, you should be aware of the possible disadvantages described in paragraph 14.13.2. You can no longer exercise a global option in respect of ‘all current property holdings and future acquisitions’. If you have recovered input tax on the basis of an intention to opt to tax and wish to retain the input tax recovered, you must make an option to tax at the very latest before any supplies of the land or buildings are made, and notify the option as detailed in paragraph 4.2.
https://en.wikipedia.org/wiki/Optional_Practical_Training http://www.mooreandsmalley.co.uk/latest-blogs/vat-and-property-opt-to-tax-explained/ http://www.macintyrehudson.co.uk/article/vat-and-property-part-ii https://www.gov.uk/government/publications/vat-notice-742a-opting-to-tax-land-and-buildings/vat-notice-742a-opting-to-tax-land-and-buildings https://www.gov.uk/government/publications/vat-notice-742a-opting-to-tax-land-and-buildings/vat-notice-742a-opting-to-tax-land-and-buildings https://www.ice.gov/sevis/practical-training http://www.revenue.ie/en/tax/vat/leaflets/property-guide/letting-property-new-system.html http://www.mooreandsmalley.co.uk/latest-blogs/vat-and-property-opt-to-tax-explained/ https://www.gov.uk/government/publications/vat-notice-742a-opting-to-tax-land-and-buildings/vat-notice-742a-opting-to-tax-land-and-buildings
can you opt to tax part of a building