Short-term letting of property is usually exempt from VAT. It is possible, however, to waive the exemption on short-term letting and charge VAT at the standard rate. In some cases, prior to short-term letting, individuals will have claimed input VAT on the development of the property with the intention of entering into long-term leases which did not materialise. The change in section 117 allows the Revenue to take this into account when calculating what the taxpayer needs to pay if he or she then cancels the waiver. Section 121 creates a requirement to maintain records as long as the property is in the VAT net and for six years thereafter.