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Published 19:40 28 Apr 2016 BST
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And an FA tribunal has decided the Reds must cough up an initial £6.5million, with a further £1.5million in add-ons for the 23-year-old.
Liverpool had offered an initial £6million in compensation, while Burnley is understood to have wanted something closer to £12million.
The fee smashes the previous record set by the F.A as they awarded £6.5m to Manchester City after Daniel's Sturridge's controversial move to Chelsea in 2009.
Ings has only played a total of 392 minutes for his new club this season, which works out at a very expensive 'free transfer'.
Burnley will also be entitled to 20%of any future transfer from Liverpool that Ings may complete.
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