Transfer of a going concernVAT obligationsOne of the perennial problems with the sales of businesses has been the requirement by HM Revenue and Customs (HMRC) that where such a sale constitutes a Transfer of a Going Concern (TOGC), the vendor was required to transfer the records of the business to the purchaser. This has caused many problems where the vendor subsequently needed to have access to the records (for example, to deal with a past tax issue which has arisen after the sale). HMRC have announced that the requirement to transfer the business records has been replaced by a requirement that the vendor provides the purchaser with all the information necessary to enable the purchaser to comply with his VAT obligations. Levels and bases of, and reliefs from, taxation are subject to change. |
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