I risk having my head chopped off here, so disclaimer: I haven't come across this particular situation before, a quick search suggests it has not been discussed here before, I can't easily find the specific answer by Googling, and I am truly humbly deeply sorry if I am wrong about any of those things.
Client is a commercial landlord, VAT-registered and has Option to Tax, but the Option to Tax specifies its existing properties, by address.
Client now proposes to buy a new building in another location which has VAT on the purchase price & in negs has assumed that VAT is reclaimable.
Client intends to rent new building out with commercial lease + VAT, exercising its existing Option to Tax.
1) Is existing Option to Tax limited to the addresses client has already registered? If so, how does anyone ever reclaim VAT on a purchase? But if not, why is the address specified on the HMRC registration of Option to Tax?
2) If Option to Tax only begins in the future (because there is always a cooling-off period between application and granting of Option) then is VAT on a purchase made during the cooling-off period reclaimable?