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VALUE ADDED TAX
- Subject to sub-paragraphs (3) to (5) below, a person who makes taxable supplies but is not registered becomes liable to be registered - (a) at the end of any month, if the value of his taxable supplies in the period of one year then ending has exceeded £25,400; or (b) at any time, if there are reasonable grounds for believing that the value of his taxable supplies in the period of thirty days then beginning will exceed £25,400. (2) Where a business carried on by a taxable person is transferred to another person as a going concern and the transferee is not registered at the time of the transfer, then, subject to sub-paragraphs (3) to (5) below, the transferee becomes liable to be registered at that time if - (a) the value of his taxable supplies in the period of one year ending at the time of the transfer has exceeded £25,400; or (b) there are reasonable grounds for believing that the value of his taxable supplies in the period of thirty days beginning at the time of the transfer will exceed £25,400.
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ANNUAL DEEMED DISPOSAL OF HOLDINGS OF UNIT TRUSTS ETC.
- Where at the end of an accounting period the assets of an insurance company's long term business fund include - (a) rights under an authorised unit trust, or (b) relevant interests in an offshore fund, then, subject to the following provisions of this section and to section 47 below, the company shall be deemed for the purposes of corporation tax on capital gains to have disposed of and immediately re-acquired each of the assets concerned at its market value at that time. (2) Subsection (1) above shall not apply to assets linked solely to pension business or to assets of the overseas life assurance fund, and in relation to other assets (apart from assets linked solely to basic life assurance business) shall apply only to the relevant chargeable fraction of each class of asset. (3) For the purposes of subsection (2) above "the relevant chargeable fraction" in relation to linked assets is the fraction of which - (a) the denominator is the mean of such of the opening and closing long term business liabilities as are liabilities in respect of benefits to be determined by reference to the value of linked assets, other than assets linked solely to basic life assurance business or pension business and assets of the overseas life assurance fund; and (b) the numerator is the mean of such of the opening and closing liabilities within paragraph (a) above as are liabilities of business the profits of which are not charged to tax under Case I or Case VI of Schedule D (disregarding section 85 of the Finance Act 1989).
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ONLINE COMPANIES FORMATION WITH CODDAN
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