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Existence of a trade in transactions

Focus on trade

Key points

  • Understanding the criteria for business definition relevant to each specific tax taken from legislation and tribunals is important when advising on both farms and all property businesses.
  • The Haymarket Media Group case is relevant to farmers who sell property and part of their business.
  • It is important to understand the impact of opting to tax.
  • Deciding if a transaction qualifies as a transfer of a going concern must be done in advance.
  • The concept of vacant possession is also an essential element of grant and termination.

As we continue into 2023 there are many First-tier Tribunal cases from 2022 where the need to establish a business or there being a trade in existence are of prime importance for a number of tax reliefs. Indeed the decision in Haymarket Media Group Ltd (TC8495) which was about the transfer of a going concern (TOGC) for VAT highlights...

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