The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
There are three main types of clearances available:
Statutory clearances are clearance procedures provided for in the legislation. There are a number of statutory clearances available. Some of these are dealt with regularly by tax advisers and so these are covered in more detail below.
Clearances under the following provisions should be sent in a single letter to HMRC’s Clearance and Counteraction Team:
It should be made clear at the top of the letter which clearances are being requested. See below for guidance on where and how to send the clearance letter.
In order for clearances to be binding, HMRC must have been provided with all relevant facts. It requests that this is interpreted broadly and that anything which could be relevant should be disclosed. This includes, for example, events immediately before and after the main transaction in question.
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