Clearance letter—statutory demerger
Produced in partnership with Robert Langston of Saffery Champness
Clearance letter—statutory demerger

The following Tax precedent produced in partnership with Robert Langston of Saffery Champness provides comprehensive and up to date legal information covering:

  • Clearance letter—statutory demerger

[Team Leader]

[insert HMRC address]

[insert date]

Application for clearance[s] in advance under section 1091 of the Corporation Tax Act 2010[ and sections 138 and 139(5) of the Taxation of Chargeable Gains Act 1992]

    1. 1

      Introduction

      We act for [insert name of the target company] (Company A) [and on behalf of the shareholders in Company A]. Company A is the ‘distributing company’ within the meaning of section 1079 of the Corporation Tax Act 2010 (CTA 2010).

      [We are writing, in respect of the proposed transactions described in this letter, to seek confirmation under CTA 2010, s 1091 that the distribution described in this letter will be an exempt distribution within the meaning of CTA 2010, s 1075. OR We are writing, in respect of the proposed transactions described in this letter, to seek confirmation under: ]

      1. 1.1

        [CTA 2010, s 1091 that the distribution described in this letter will be an exempt distribution within the meaning of CTA 2010, s 1075;

      1. 1.2

        section 138 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) that TCGA 1992, s 137 will not apply; and

      1. 1.3

        TCGA 1992, s 139(5) that that subsection will not apply.]

    1. 2

      Details of Company A

      1. 2.1

        Company A is a company incorporated in [England and Wales OR [insert name of jurisdiction]] (registered number [insert registered number]) on [insert date of incorporation] and whose registered office is at [insert address].

      1. 2.2

        [insert details

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