What is a transfer of a business as a going concern?

The default position for the sale of business assets by a business which is registered for VAT or required to be registered for VAT (see the VAT registration and deregistration ― overview guidance note) is that it will be subject to VAT at the appropriate rate for the assets in question. However, the sale of assets as part of a business which is a ‘going concern’ will be treated as neither a supply of goods nor a supply of services for VAT purposes provided certain conditions