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A person is a taxable person while he is, or is required to be, registered for the purposes of vat (Value Added Tax Act 1994, s 3(1)).
A person is entitled to registration if he makes or intends to make taxable supplies or taxable acquisitions or he makes supplies outside the UK which, if made in the UK, would be taxable supplies. In principle, he is required to register if the value of his actual or expected taxable supplies or 'relevant acquisitions' exceeds the limit for the time being in force, but he can claim exemption from registration in certain circumstances. A person becomes a taxable person on the date from which he should have been registered, so he cannot escape his duties as a taxable person merely by disregarding the duty to register. A taxable person is required to charge tax on all or some of the supplies he makes.
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Option agreements—acting for the seller—checklist Call or put option? In a 'call' option the buyer will have control as it can ‘call’ for the transfer of the property. Ensure that the seller is aware that its plans for the property may be restricted. A 'put' option gives the seller control in that it can ‘put’ the property on the buyer buying requiring the buyer to purchase the property. Option period In the case of a call option, a seller should note that the property may be sterilised for the duration of the option period. For this reason the seller should ensure that the agreement includes a clear long-stop date. Note that Perpetuities and Accumulations Act 2009 (PAA 2009) disapplied the rule against perpetuities for options and so options granted after 6 April 2010 need not specify a long stop date. Prior to PAA 2009, a call option would be void if not exercised within 21 years. If the exercise of the option is conditional on the buyer obtaining planning...
Questions relevant for an asset sale—tax issues—checklist This Checklist sets out a list of questions that may be relevant to determining the tax implications of an asset sale. This Checklist should be used in conjunction with Practice Note: Key tax considerations in an asset sale. For more information on pre-contract enquiries, see also Practice Notes: Capital allowances on property sales—pre-contract enquiries and Commercial Property Standard Enquiries—CPSE (the CPSEs, prepared by members of the London Property Support Lawyers Group and endorsed by the British Property Federation, provide standard questions relevant to a sale of commercial real estate). Key tax considerations in an asset sale Questions Answers obtained by the adviser General questions Are the parties companies, individuals or other types of entities, such as a partnership, trust or charity? Are there multiple sellers? Are there multiple buyers? Does the seller own legal and beneficial title to the assets? Will the buyer acquire both the legal and beneficial title to the assets at actual completion? ...
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The sale of a 'business' is really a sale of assets bundled together. In principle, VAT would therefore be charged on the transfer of each asset in accordance with the normal rules, ie standard rate, reduced rate, zero rate and exemptions applying according to each type of asset, unless the sale of the business is treated as a transfer of a business as a going concern (a TOGC). If the sale of a business is treated as a TOGC it is treated as neither a supply of goods nor a supply of services and is therefore outside the scope of VAT. No VAT is then chargeable on the sale.In order to be treated as a TOGC, the transfer must meet certain conditions that are explained in this Practice Note.If the conditions are met, there are consequences for the buyer and seller that are explained in Practice Note: Consequences of a transfer of a going concern.This Practice Note includes references to EU directives and case law. The UK ceased to be...
A transaction must have five elements for UK VAT to be chargeable. It must:•be a supply of goods or a supply of services•be a taxable supply•take place in the UK•be made by a taxable person, and•be made in the course or furtherance of any business carried on by that personThis Practice Note explains what each of those five elements means.This Practice Note does not cover importation of goods or the circumstances where a UK person may be required to pay UK VAT on the supply of services from abroad, ie the reverse charge, for which see Practice Notes: VAT—the reverse charge on cross-border supplies and VAT—importing goods.This Practice Note includes references to EU Directives and case law; for information on the ongoing significance of EU Directives, and of judgments of the Court of Justice for the UK’s VAT rules, see Practice Note: Retained EU law and tax.A supply of goods or a supply of servicesThe first element has three parts. A transaction must:•be a ‘supply’•be categorised as either a ‘supply...
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Share purchase agreement—pro-buyer—corporate seller—conditional—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of selling corporate entity] incorporated in [England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Seller); 2 [Insert name of purchasing corporate entity] incorporated in England and Wales OR [insert country of incorporation] OR with registered number [insert company number] whose registered office is at [insert address] (the Buyer), and 3 [Insert name of guarantor entity] incorporated in England and Wales OR [insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Guarantor) [(each of the Seller, the Buyer and the Guarantor being a Party and together the Seller, the Buyer and the Guarantor are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in [England and...
Share purchase agreement—pro-buyer—individual sellers—conditional—long form This Agreement is made on [insert day and month] 20[insert year] Parties 1 The several persons whose names and addresses are set out in Schedule 1 (together the Sellers), and 2 [Insert name of purchasing corporate entity] incorporated in [England and Wales OR [Insert country of incorporation]] with registered number [insert company number] whose registered office is at [insert address] (the Buyer), [(each of the Sellers and the Buyer being a Party and together the Sellers and the Buyer are the Parties).] Background (A) The Company (as defined below) is a private company limited by shares and is incorporated in[ England and Wales OR [insert country of incorporation]]. Details of the Company are set out in Schedule 2, Part A. (B) The Sellers are the legal and beneficial owners of the Sale Shares (as defined below), being in aggregate the entire allotted and issued share capital of the Company. (C) The Sellers have agreed to sell and the...
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In the context of a TOGC, is it sufficient for a buyer to show they have made an application to HMRC for VAT registration or must the buyer already be VAT registered at the time of the transaction? Assuming that the seller is a taxable person (eg is registered for VAT in the UK), the condition relating to the registration of the buyer for transfer of a going concern (TOGC) treatment requires that 'the transferee is already, or immediately becomes as a result of the transfer, a taxable person'. A taxable person is defined as a person who is, or is required to be, registered for VAT under the Value Added Tax Act 1994 (VATA 1994). As explained in Practice Note: VAT—what is a transfer of a business as a going concern?—Who has to be a taxable person and when?, in these circumstances, the buyer must: • be accepted for voluntary registration, or • meet the requirements for compulsory registration as a result of the transfer in question, in...
Do you include the VAT element in a debt claim when issuing the letter of claim and claim form? This Q&A considers the scenario where A has a claim against B which is a debt claim for the payment for good/services supplied by A to B and where those goods/services attract VAT: • should A include the VAT in their letter of claim and/or claim form when seeking payment of the debt from B? • does it make any difference to the above if only either A or B is VAT registered (as opposed to both being VAT registered)? • if the VAT element should be claimed, should the ‘statement of value’ required in the claim form be expressed net or inclusive of VAT (bearing in mind that this will affect the issue fee payable)? • is the position different if the claim is for damages, rather than a debt? See: VAT basic principles—overview for general information on the function and operation of VAT. Where the claimant...
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This week's edition of Tax weekly highlights includes: (1) the Court of Appeal decision in Refinitiv concerning the interaction between the diverted profits tax and an advance pricing agreement, and (2) the Supreme Court decision in Cobalt Data Centre on the scope of the enterprise zone allowance.
This week's edition of Tax weekly highlights includes: (1) the publication of Finance Bill 2024–25, (2) a reminder of our full Autumn Budget 2024 coverage and related news, (3) case analysis of the FTT’s decision in Collins Construction Ltd concerning the restriction on subsidised expenditure under the pre-April 2024 R&D tax relief rules for SMEs, and (4) analysis of the FTT’s decision in Murphy concerning an SDLT sub-sale avoidance scheme.
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