ÀÏ˾»úÎçÒ¹¸£Àû

TOGC ― overview


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance

TOGC ― overview


Produced by a Tolley Value Added Tax expert
Value Added Tax
Guidance
imgtext

This guidance note provides an overview of the transfer of a business as a going concern (TOGC).

In-depth commentary on the legislation and case law can be found in De Voil Indirect Tax Service V2.226.

For a video overview of the TOGC provisions, see the Transfer of a Going Concern video.

This guidance note can be used in conjunction with the Business reorganisations ― review and checklist which can assist with ensuring that all relevant matters are considered.

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

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 08 Jun 2023 08:41

Home/ Tolley Tax Guidance/ Value Added Tax / Buying, selling and restructuring businesses

Popular Articles

Corporation Tax

What are connected companies for loan relationship purposes ― practical approach

What are connected companies for loan relationship purposes ― practical approachBrief overview of the rulesThe loan relationships legislation applies to any ‘money debt’ arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,

20 Apr 2021 16:00 | Produced by Tolley Read more Read more
Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more Read more
Employment Tax

Loans written off

Loans written offCompanies sometimes provide directors, employees or shareholders with low interest or interest-free loans either as part of the reward package or on special occasions to help the individual meet significant expenditure. The employment income implications of these loans are discussed

14 Jul 2020 12:11 | Produced by Tolley Read more Read more