Commentary

65.3 VAT—transfer of a going concern

BOILERPLATE AND COMMERCIAL CLAUSES vol 4(3)
| Commentary

65.3 VAT—transfer of a going concern

| Commentary

65.3 VAT—transfer of a going concern

Subject to the statutory requirements, the transfer of a business as a going concern (TOGC) is not regarded as a taxable supply of goods or of services and therefore must be ignored for VAT purposes under the Value Added Tax Act 1994 (VATA) Sections 49 and 94(6)1. For this to apply, it is essential that the business or part of it is transferred as a going concern and that the assets are to be used by the buyer in carrying on the same kind of business as that carried on by the seller, whether

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