.png)
.png)
Issue:
4896
/
Categories:
Comment & Analysis
, business property relief
, IHTA 1984
, TOGC
, Business
, VAT
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...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
