Flotations — HMRC clearances

Produced by Tolley in association with Anne Fairpo
Corporation Tax
Guidance

Flotations — HMRC clearances

Produced by Tolley in association with Anne Fairpo
Corporation Tax
Guidance
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Various tax clearances may be applied for as part of (and prior to) flotation of a company, including:

  1. •

    TCGA 1992, s 138 clearance that the anti-avoidance provisions in s 137 will not apply to a share exchange or scheme of reconstruction in preparation for the flotation (this does not confirm that all the conditions for relief in ss 135 or 136 are met) (see the Paper for paper treatment clearances guidance note)

  2. •

    ITA 2007, s 701 and, where relevant, CTA 2010, s 748 clearances that no counteraction notice should be served under the transactions in securities (TiS) rules in respect of an income tax advantage or corporation tax advantage respectively (see the Transactions in securities clearances guidance note)

  3. •

    non-statutory clearances where there is

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Anne Fairpo
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Barrister


With effect from 1 June 2021, Anne Fairpo is a judge of the First-tier Tribunal sitting in the Tax Chamber. She was previously a fee-paid judge in the same Chamber. Her contributions to LexisPSL Tax and TolleyGuidance were written before her full-time appointment and are her personal view as she is not authorised to write on behalf of the Tribunals Service or the judiciary. Until April 2021, Anne was a tenant at Temple Tax Chambers. She was called to the bar in 2009 after 15 years as a solicitor. Anne’s experience and expertise covers UK and international corporate tax planning and disputes, having acted for a range of clients from small owner-managed businesses to listed multinationals, as well as having advised on intellectual property taxation and UK-US cross-border tax planning, with regard to both direct and indirect tax matters

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  • 04 Nov 2026 16:15

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