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

VAT TOGC clause—property sale contract

IP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time (referred to in UK law as ‘IP completion day’), transitional arrangements ended and significant changes began 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 cancelled on or before Completion;

      1. 2.2

        it, or the representative member of the VAT

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