Smooth transfer
14th November 1991, Page 22
14th November 1991
Page 22
Page 22, 14th November 1991
— Smooth transfer
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• Customs and Excise has issued a consultation paper on the VAT treatment of transfers of going concerns. It stresses that the law is not being changed, but says it wants to review the system in the light of alterations to other areas of VAT law.
At present, no VAT is due on business assets transferred as a going concern, as no supply is considered to have taken place between the buyer and seller. Assets include stock in trade, machinery, goodwill, premises, fixtures and furnishings.
Contact 071-865 5309.