VAT Anti-Avoidance Measures: Transfers Of Going Concerns Involving Commercial Property

• Authors:
• MacRoberts Solicitors
• Isobel d'Inverno

Measures were introduced in the Budget to prevent VAT avoidance in supplies of commercial property. These new rules affect sales of businesses as a transfer of a going concern (TOGC), where one of the business assets sold is a property, which has an election to waive the VAT exemption in place, or is less than three years old.

The new measures came into effect on 18 March 2004. HM Customs & Excise issued a business brief on 15 April 2004 giving more guidance on the application of the measure... (372 more words)

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