The following Tax Q&A provides comprehensive and up to date legal information covering:
There are a number of conditions that must be met for a sale of a property letting business to be a transfer of a going concern (TOGC). One of these conditions is that the buyer (the new landlord) must use the assets transferred (the property) in carrying on the same kind of business as that carried on by the seller.
Historically, HMRC took the view that carrying out transactions within a VAT group did not amount to a business for TOGC purposes. This meant that there could not be a TOGC on a property sale where the buyer was VAT grouped with the sole tenant, because the property l
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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