The provisions on the transfer of a going concern (TOGC) also apply to transfers of ‘property rental’ businesses. So a building can be sold as a TOGC.
Identifying a ‘property rental’ business is not always straightforward. For example, it is not always necessary to have a sitting tenant in the property or properties being transferred.
HMRC categorise certain persons as carrying on a ‘property rental’ business. Notice 700/9/2012, para. 6.2 gives the following examples of circumstances where there can be a transfer of a property rental business as a going concern: