Statutory clearances

Produced by a Tolley Corporation Tax expert

Corporation Tax

Guidance

Available statutory clearances

A number of clearance procedures are provided for in the legislation. Only some of these are dealt with regularly by tax advisers and so it is only these most common clearance procedures that are covered in more detail below. A full list of the statutory provisions where advance clearance can be applied for can be found on the GOV.UK website.

Clearances under the following provisions should be sent in a single application to HMRC’s Clearance and Counteraction Team. Market sensitive clearance applications should be marked for the attention of the ‘Team Leader’.

Please click on the links where indicated for further guidance on drafting the relevant clearances:

CTA 2010, s 1091	Demergers	See the Demerger clearances guidance note
CTA 2010, s 1044	Purchase of own shares	See the Purchase of own shares clearances and reporting guidance note
ITA 2007, s 247(1)(f)	EIS shares ― acquisition by new company	See the Enterprise investment scheme deferral relief and Gain deferred through EIS becomes chargeable guidance notes
CTA 2010, s 748 / ITA 2007,

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Personal Tax

Losses on shares set against income

Losses on shares set against incomeUsually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note

14 Jul 2020 12:12 | Produced by Tolley Read more

Owner-Managed Businesses

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more

UU��ֱ��