Where a business is transferred as a going concern the date of
succession is usually the date provided in the sale agreement for
the completion of the transfer or, in the absence of such a date,
the date of the agreement. However there may be evidence that the
purchaser in fact took possession of the business at an earlier
date, in which case that earlier date is the date of succession
(see Todd v Jones Brothers Ltd [1930] 15TC396, where there was no
such evidence, and Angel v Hollingworth & Co [1958] 37TC714,
for evidence accepted by the Commissioners as sufficient).
The date at which a trade is transferred is also relevant for
companies in the context of ICTA88/343 (CTM06210).
