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The importance of a bespoke tax schedule when advising on the purchase or sale of a business.
KEY POINTS
- The tax schedule is a commercial document and there is no such thing as a standard transaction.
- The main principle is that a buyer should be compensated for any unexpected tax liability.
- Is there enough working capital to pay any tax liabilities for the period up to completion.
- The importance of proper due diligence and the concept of caveat emptor.
- Practitioners should become knowledgeable about the target’s business and tax position.
- The tax schedule should not be agreed without sight of the finalised disclosure letter.
It seems to me that the tax schedule is a document unique in UK commercial transactions often incomprehensible by the parties to the transaction and sometimes by the people who negotiated it. As a result these documents have been...
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