HMRC last week issued new guidance on a TOGC, transfer as a going concern, in Revenue & Customs Brief 27/14. Three particular areas are addressed. First, following the Robinson Family Limited  UKFTT 360 HMRC now accept the surrender of a lease can be a TOGC. Secondly, HMRC have clarified their policy on the grant of a lease in Brief 230/12 and clarified that it applies generally, not just to a property rental business. Finally HMRC accept a person acquiring a completed residential or charitable development as part of a TOGC inherits the ‘person constructing’ status and is capable of making a zero rated first major interest grant, subject to conditions.
Tax Barrister, Accountant