| Commentary

231 VAT

| Commentary

231 VAT

There are various issues relating to VAT which the buyer should be warned about. First of all, he will be liable to register for VAT if the business was acquired as a going concern and has made taxable supplies in excess of the prescribed limit1 over the previous period of one year, or if there are reasonable grounds for believing that that value will be exceeded in the next 30 days after the transfer2. Assuming that the buyer is already registered for VAT purposes, and he is going to be using the assets in carrying on the same

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