The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the CGS implications of the following transactions:
This note should be read in conjunction with the Introduction to the capitalgoods scheme and Capital goods scheme ― intervals and adjustments guidance notes.
See ‘How to apply the Capital Goods Scheme’ by Jackie Yarrow in Tax Journal, Issue 1053, 20 (15 November 2010) (subscription sensitive).
If a business transfers a capitalitem as part of the TOGC, it will need to give the purchaser details of the capitalitem. The purchaser will be required to continue to make any further adjustments due in respect of the capitalitem for the remaining intervals.
The following implications need to be considered by the parties involved in the TOGC.
If the purchaser decides to keep the existing VAT registration number, the following applies:
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