VAT tribunal rulings threaten deal process. (Record no. 61041)

MARC details
000 -LEADER
fixed length control field 00969cam a2200181 4500
001 - CONTROL NUMBER
control field wb3524-02
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 000000n1999 000 0 eng u
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u101947
245 ## - TITLE STATEMENT
Title VAT tribunal rulings threaten deal process.
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 1999
490 ## - SERIES STATEMENT
Series statement Property Week
Volume/sequential designation 64(24) 18 June 1999, 19(1)
520 ## - SUMMARY, ETC.
Summary, etc. A VAT tribunal ruling has stated that it is the exchange of contracts, rather than the completion, that is the significant point of a property transaction made at auction. This has adverse implications for the classification of property transactions as Transfers of Going Concern (TOGC), which enables purchases to avoid paying VAT, because TOGC status has usually been approved between exchange of contracts and completion. Instead vendors will have to sell property as TOGC before knowing who the buyer is.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element TAXATION
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element VALUE ADDED TAX
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Contracts
9 (RLIN) 6232
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element Auctioneering
9 (RLIN) 6218
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Home library Current library Shelving location Date acquired Total Checkouts Full call number Barcode Date last seen Copy number Price effective from Koha item type
    Dewey Decimal Classification     London London News article 12/11/1999   WB3524-02 101947-1001 06/08/2019 1 06/08/2019 News article