VAT TOGC clause—property sale contract
VAT TOGC clause—property sale contract

The following Tax precedent provides comprehensive and up to date legal information covering:

  • VAT TOGC clause—property sale contract

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Tax?

Transfer of a going concern

    1. 1

      The Seller and the Buyer intend that the sale and transfer of the Property in accordance with the terms of this Agreement will constitute the transfer of a business or part of a business as a going concern pursuant to section 49(1) of the Value Added Tax Act 1994 (VATA 1994) and article 5 of the Value Added Tax (Special Provisions) Order 1995, SI 1995/1268, so that the transfer of the Property is properly regarded as neither a supply of goods nor a supply of services for the purposes of VAT.

    1. 2

      The Seller warrants and undertakes that:

      1. 2.1

        it, or the representative member of the VAT group to which the Seller belongs is duly registered for the purposes of VAT with registration number [insert registration number] and it will not cause or permit such registration to be

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