In Nora Harris v HMRC [2015] UKFTT 265 (9 June 2015) the FTT found that the sale of a business relating to property could not be treated as a transfer of a going concern (TOGC) if the purchaser had exercised the option to tax but failed to notify HMRC by the time of the sale.
Mrs Harris owned a hairdressing salon which she rented out. She was registered for VAT and had opted to tax the hairdressing salon. She had sold the building to her daughter on 1 August 2011 and the issue was whether the sale of the hairdressing salon had been a TOGC so that no VAT was due.
Mrs Harris’ daughter had registered for VAT with effect from 1 August 2011. She had exercised the option...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
In Nora Harris v HMRC [2015] UKFTT 265 (9 June 2015) the FTT found that the sale of a business relating to property could not be treated as a transfer of a going concern (TOGC) if the purchaser had exercised the option to tax but failed to notify HMRC by the time of the sale.
Mrs Harris owned a hairdressing salon which she rented out. She was registered for VAT and had opted to tax the hairdressing salon. She had sold the building to her daughter on 1 August 2011 and the issue was whether the sale of the hairdressing salon had been a TOGC so that no VAT was due.
Mrs Harris’ daughter had registered for VAT with effect from 1 August 2011. She had exercised the option...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
