Land and property transferred as a Transfer of business as a going concern (TOGC) is not liable to VAT, subject to certain conditions. This document covers this in detail, along with the disapplication of the option to tax; transfer of property rental business, mixed properties, beneficial ownership, dwellings, relevant residential and charitable buildings; lease surrender; and retrospective adjustments.
Points discussed within this guidance note:
If land and property will be transferred as part of a TOGC then certain conditions must be satisfied, in addition to the conditions outlined in the Overview of a transfer of a business as a going concern guidance note in order for the land and buildings to be transferred without the requirement to charge VAT. These conditions are detailed in this note.
>> Disapplication of the option to tax
> Summary of the main VAT treatment
This note includes a detailed table to ascertain whether commercial property can be treated as a togc.
> Transfer of a property rental business
> Mixed developments
> Transfer of beneficial ownership
> Robinson Family Ltd (RFL)
> Surrendering a lease
>> Retrospective effect
> TOGCs of new developments of dwellings, relevant residential and relevant charitable buildings
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