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Sir, in your study lectures you mention that if a business is given to a 3rd party on a going concern basis, then no output VAT will be charged, however my question is does this apply to arm’s length/related party transactions also?
One more thing, I noticed sir that you are getting vexed because of my ‘what-if’ (questions as you put it) and so am extremely apologetic for the same. I absolutely respect you and bow you for all the efforts you put-in in each of your sessions. The only point I want to make in my defence is that, sir am studying for the worst case scenario. Am curious and want to be as clear as possible. So, I’ll much appreciate sir if you could solve my queries, rather than discourage me from posting my doubts. I hope you will understand sir.
Thanks.
Let me firstly deal with the issue about your questions – you misunderstand the point I am trying to make to you – you say that you are studying for the “worst case scenario” – what you are actually doing in asking the “but what if” questions is actually more likely to lead to the worst case result (!) as instead of firmly grasping and practising the core issues you are being distracted to issues that are not relevant to your exam – once you have worked through all the OT material and performed the relevant practice from your exam kit and are fully competent in those core areas then you can consider “other” issues if you so choose – my job is to enable all students to have the material and input to allow them to pass this exam!
The question you pose here shows that you have not read and understood the notes let alone the lectures – see chapter 25 page 144 note (d) to answer your question,
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