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Which of the following must apply for the sale of the entire business to be treated as a transfer of
a going concern for VAT purposes, such that the transfer is not a taxable supply?
1. All of the assets and liabilities of the business must be transferred
2. The new owner must use the assets transferred in the same type of business as the seller.
3. The new owner must be an established VAT registered trader before the transfer
4. There must be no significant break in the normal trading pattern of the business.
A. 1 and 2
B. 2 and 4
C. 1 and 3
D. 3 and 4This is the general forum for queries that are not exam specific. You need to ask on a TX forum. May I suggest, however, that you provide the published answer and ask a specific question about what it is that you don’t understand about the answer. (That is more efficient for a responder who isn’t paid for their time.)
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