Search Legislation

Finance Act 2007

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 100

 Help about opening options

Alternative versions:

Changes to legislation:

Finance Act 2007, Section 100 is up to date with all changes known to be in force on or before 14 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

100VAT: transfers of going concernsU.K.

(1)Section 49 of VATA 1994 (transfers of going concern) is amended as follows.

(2)In subsection (1) (transferor's supplies treated as transferee's supplies for purposes of registration and transferor's records to be kept by transferee after transfer)—

(a)after “Where a business” insert “ , or part of a business, ”,

(b)after “on the business” insert “ or part of the business ”, and

(c)omit paragraph (b) (together with the “and” before it).

(3)In subsection (2) (regulations for securing continuity of Act in case of transfers of going concerns), after “a business” insert “ , or part of a business, ”.

(4)After that subsection insert—

(2A)Regulations under subsection (2) above may, in particular, provide for the duties under this Act of the transferor to preserve records relating to the business or part of the business for any period after the transfer to become duties of the transferee unless the Commissioners, at the request of the transferor, otherwise direct.

(5)In subsection (3) (provision which may be made by regulations), in paragraph (a), after “the transferor” insert “ (other than the duties mentioned in subsection (2A) above) ”.

(6)After that subsection insert—

(4)Subsection (5) below applies where—

(a)a business, or part of a business, carried on by a taxable person is transferred to another person as a going concern, and

(b)the transferor continues to be required under this Act to preserve for any period after the transfer any records relating to the business or part of the business.

(5)So far as is necessary for the purpose of complying with the transferee's duties under this Act, the transferee (“E”) may require the transferor—

(a)to give to E, within such time and in such form as E may reasonably require, such information contained in the records as E may reasonably specify,

(b)to give to E, within such time and in such form as E may reasonably require, such copies of documents forming part of the records as E may reasonably specify, and

(c)to make the records available for E's inspection at such time and place as E may reasonably require (and permit E to take copies of, or make extracts from, them).

(6)Where a business, or part of a business, carried on by a taxable person is transferred to another person as a going concern, the Commissioners may disclose to the transferee any information relating to the business when it was carried on by the transferor for the purpose of enabling the transferee to comply with the transferee's duties under this Act.

(7)In section 94(6) of VATA 1994 (meaning of “business” etc)—

(a)after “a business” insert “ , or part of a business, ”, and

(b)for “its assets or liabilities” substitute “ the assets or liabilities of the business or part of the business ”.

(8)In paragraph 1(2) of Schedule 1 to that Act (registration in respect of taxable supplies), after “Where a business” insert “ , or part of a business, ”.

(9)In paragraph 8(2)(b) of Schedule 4 to that Act (matters to be treated as supply of goods or services), after “a business” insert “ , or part of a business, ”.

(10)The amendments made by this section have effect in relation to transfers pursuant to contracts entered into on or after 1st September 2007.

Back to top

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?