Continuing our series of basic informative articles Sean Finn partner and Mervyn Flatt associate Lovells provide a guide to TOGCs and consider some of the issues that arise in practice
A transfer of a going concern (TOGC) is a common form of asset transfer which is treated as not giving rise to a supply for UK VAT purposes. At first glance it appears that TOGC treatment is simple and desirable from both a financial and an administrative perspective; no VAT is chargeable and no VAT needs to be accounted for. However as this article seeks to show the issues that arise when TOGC treatment is available are often complex and require careful consideration.
Legislation
...
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Continuing our series of basic informative articles Sean Finn partner and Mervyn Flatt associate Lovells provide a guide to TOGCs and consider some of the issues that arise in practice
A transfer of a going concern (TOGC) is a common form of asset transfer which is treated as not giving rise to a supply for UK VAT purposes. At first glance it appears that TOGC treatment is simple and desirable from both a financial and an administrative perspective; no VAT is chargeable and no VAT needs to be accounted for. However as this article seeks to show the issues that arise when TOGC treatment is available are often complex and require careful consideration.
Legislation
...
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:
