IPT06420 - Maintaining the IPT Register: Transfer of going concerns (TOGC): Features of a TOGC

For the TOGC provisions to apply there must be a transfer of a business as a going concern.

This means that all the following conditions must apply:

  • there must be a transfer of something from one person to another;
  • what is transferred must be a business either as a whole, or a self-contained part of it, normally including records, customers, liabilities and assets;
  • the business should be a going concern, that is capable of being carried on by the transferee and it should be carried on by the transferor up to the date of the transfer.

»Ê¹ÚÌåÓýapp transferor is the person who transfers the business “outâ€�, and the “transfereeâ€� is the person who transfers the business “inâ€�.