Regulation 73

Where an approved person ceases business or ceases to be registered, or where such a person dies or becomes bankrupt or incapacitated, the approved person or the approved person’s representative must, within 2 months or such longer period as the Comptroller may allow, make a return accounting for and pay tax on supplies made and received during the previous 12 months which have not otherwise been accounted for, subject to any adjustment for credit for input tax, and tax in respect of any payment or other consideration received for earlier supplies must be accounted for and paid when received.

Where a business or part of a business carried on by an approved person is transferred as a going concern and paragraph 1(2) of the First Schedule to the Act does not apply, the transferor must, within 2 months, make a return accounting for and pay tax on supplies made and received during the previous 12 months which have not otherwise been accounted for, subject to any adjustment for credit for input tax, and tax in respect of any payment or other consideration received for earlier supplies must be accounted for and paid when received.

Where a business carried on by an approved person is transferred in circumstances where paragraph 1(2) of the First Schedule to the Act applies, the transferee must continue to account for and pay tax as if the transferee was an approved person on supplies made and received by the transferor prior to the date of transfer.