000			00969cam a2200181 4500
001			wb3524-02
008			000000n1999 000 0 eng u
035			_a(Sirsi) u101947
245			_aVAT tribunal rulings threaten deal process.
260			_c1999
490			_aProperty Week _v64(24) 18 June 1999, 19(1)
520			_aA 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			_aTAXATION
650			_aVALUE ADDED TAX
650			_aContracts _96232
690			_aAuctioneering _96218
942			_n0
999			_c61041 _d61041