HMRC proposes to extend tax clearances

HM Revenue & Customs (HMRC) has issued a consultation document (Giving certainty to business through clearances and advance agreements: consultation document 20 June 2007) proposing to extend the circumstances in which advance clearance on the tax treatment of some transactions can be obtained. At present, non-statutory clearances are restricted to seeking clarification of the law contained in the last four Finance Acts. The new rules would remove the four-Finance-Act limit for clearance sought on transactions that are financially significant to the applicant business. In a related initiative, it is also proposed to set up a new unit to provide advance rulings in some high value cases of inward investment and reconstructions.


The full text of this resource is available by logging in or by requesting a trial. If you have any questions, please contact us or your Practical Law Account Executive.

Free trial

A free trial will give you:

Unlimited access to our online legal know-how services during the trial period
Full training and support
Four issues of Practical Law The Journal, the companion to Practical Law online
Weekly update e-mails on current legal developments in your practice area

Log in using Practical Law username

Only use this login if you have not set up OnePass for Practical Law

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247247500925", "objName" : "HMRC proposes to extend tax clearances", "userID" : "2", "objUrl" : "", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "false", "analyticsPermCookie" : "22e97be00:15af85a7a5e:-635e", "analyticsSessionCookie" : "22e97be00:15af85a7a5e:-635d", "statisticSensorPath" : "" }