Notes

The above flowchart is based on the transactions specified as ‘business’ by VATA 1994, s. 94.

For a flowchart on ‘Is there a business?’, see ¶10-635.

1 Disposal of business assets

The disposal of a business asset is a business transaction even when given away (VATA 1994, Sch. 4, para. 5), but there is relief for certain ‘small’ gifts (¶13-855).

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