Transfers of going concerns (TOGC): transfer of stocks and assets
If the conditions for a TOGC as set out in VTOGC are met:
- the transfer of assets (including stock in trade and goodwill) is not a taxable supply, and
- the transferor must not charge VAT.
This may also apply to the transfer of assets between two non-taxable persons.
(External users can find the TOGC tax manual at http://www.hmrc.gov.uk/manuals/vtogcmanual/index.htm).