The transactions set out below are treated as neither supplies of goods nor as supplies of services and are therefore outside the scope of VAT.
Supplies of neither goods nor services—repossessed goods
Certain goods repossessed under a finance agreement or acquired in settlement of an insurance claim are outside the scope of VAT when sold1. The detailed provisions are described in V3.117.
Supplies of neither goods nor services—business assets transferred as a going concern
The sale of assets is outside the scope of VAT, provided certain conditions are met, where a business or part of a business is transferred as a going concern2. The detailed provisions are described in V2.226.
Supplies of neither goods nor services—goods under hire purchase or conditional sale agreements
Where owners of goods assign their rights and interest under such an agreement and the goods comprised in the agreement to a bank or other financial institution, the transaction is outside the scope of VAT3.
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Web page updated on 17 Mar 2025 14:50