The seller of a business transferred as a going concern will be required to keep his business records after transfer, except in the few cases where the buyer takes over the seller’s VAT number.

The seller will also be required to make such information available to the buyer as the buyer needs to comply with his VAT obligations. This change in requirement reflects existing practice under which the seller generally agrees to retain his own past records on behalf of the buyer, with a clause allowing for inspection by the buyer.

The change takes effect from 1 September 2007.