Clearance letter—statutory demerger
Clearance letter—statutory demerger

The following Tax guidance note provides comprehensive and up to date legal information covering:

  • Clearance letter—statutory demerger
  • Schedule 1
  • Schedule 2
  • Schedule 3

Produced in partnership with Robert Langston of Saffery Champness

[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

    1. 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: ]

    2. 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;

    3. 1.2

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

    4. 1.3

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