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#1 Posted : 11/01/2019
Joined: 2/24/2018(UTC)
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We are currently considering a sale and leaseback arrangement for a number of Council owned properties we currently lease out to a third party. The intention is for there to be no change to the lease arrangement between the Council and the current tenants.

My opinion is that the property disposal could not be treated as a TOGC for the main reason that we aren't selling part of a business - we are selling assets which are effectively being used to create a new property rental once the leaseback arrangements are in place. As we intend to retain the current leases then we are not selling any business activities.

Does this seem right?
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