Regulation 3

where a business, or part of a business, carried on by a taxable person is transferred as a going concern to another taxable person treated as a member of a group under section 30 of the Act; and

where, on the transfer of the whole or part of the business, assets of the business are transferred to that taxable person,then paragraph 2 does not apply to the transfer of such assets and accordingly, tax is chargeable on the supply in accordance with the Act.

the members of the group are entitled to credit for the whole of the input tax on supplies to them and acquisitions and importations by them —

during the prescribed accounting period in which the assets are transferred; and

during any longer period to which regulations under section 20(4)(b) of the Act relate and in which the assets are transferred;

the Comptroller is satisfied that the assets were assets of the taxable person transferring them more than 3 years before the day on which they are transferred; or

the Comptroller is satisfied that the person by whom the asset is transferred has not received any credit for input tax arising on the supply to that person or acquisition or importation by that person of the asset.