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See for guidance on how the option to tax relates to transfers of going concerns. Where land or buildings are purchased at auction as a going concern, the ‘relevant date� (see ) may not necessarily be the date of the auction.

• Where the auctioneer is acting as an agent of the vendor, the receipt of the deposit by the auctioneer creates the relevant date.
• However, following the decision in Higher Education Statistics Agency Ltd (QB(2000) STC 332), where the auctioneer is a stakeholder for the vendor, the relevant date will be that on which any funds are released to the vendor/agent of the vendor, or completion, whichever is the earlier. This event may occur some weeks after the auction.