Commentary

V16.929 Transfer of a Going Concern (TOGC)—changes to VAT record keeping requirements

Part V16 Forms and other HMRC material

V16.929 Transfer of a Going Concern (TOGC)—changes to VAT record keeping requirements

V16.929 Transfer of a Going Concern (TOGC)—changes to VAT record keeping requirements

Information Sheet 12/07, August 2007

This Information Sheet should be read in conjunction with Notice 700/9 “Transfer of business as a going concern” (Part V8) and Budget Notice 58/07 “VAT: Transfer of Going Concern” (BN/58/07, Division V16.3).

1 Introduction

1.1 What is this Information Sheet about?

This VAT Information Sheet sets out the changes to the VAT record keeping requirements when a business is transferred as a going concern. Changes have been made to s 49 of the Value Added Tax Act 1994 (VATA 1994), and regulation 6 of the VAT Regulations 1995 (SI 1995/2518) with effect from 1 September 2007. The legislation has also been clarified to confirm that the transfer of going concern includes part of a business which is capable of separate operation.

Guidance and the relevant

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