VPDS051600 | Vaping Products Duty and Vaping Duty Stamps: Approvals - general: Transfer Of a Going Concern (TOGC): Changes in company ownership

Where there are changes in limited company ownership, the approval remains valid after a complete transfer of shares. HMRC must be notified of changes to:

• persons with significant control (PSC)

• key individuals (for example, directors, company officials)

A PSC is an individual who either:

• holds more than 25% of shares

• holds more than 25% of voting rights

• has the right to appoint/remove directors

It is important to note that share ownership does not automatically confer membership rights. Approvals should be reviewed after share transfers to confirm new PSC are fit and proper.

If PSC are found to not be fit and proper, then consider revocation or applying proportionate conditions/restrictions to manage the risk.