The Principal Act is amended with effect from 1 July 2008 by inserting the following sections after section 7:
"7A. Option to tax lettings of immovable goods.
(a) Tax shall be chargeable in accordance with this Act on the supply of a service to which paragraph (iv) of the First Schedule relates (in this section referred to as a 'letting') where, subject to subsections (2) and (4), the supplier (in this section referred to as a 'landlord') opts to make that letting so chargeable, and a landlord who exercises this option (referred to in this Act as a 'landlord's option to tax') shall, notwithstanding section 8(3), be an accountable person and liable to account for the tax on that letting in accordance with this Act, and that letting shall not be a supply to which section 6 applies.
(b) Where a taxable person is entitled to deduct tax on the acquisition or development of immovable goods on the basis that the goods will be used for the purpose of a letting or lettings in respect o