Drafting clearance applications

Produced by Tolley
Drafting clearance applications

The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Drafting clearance applications
  • Statutory clearances
  • Sending the clearance
  • Non-statutory clearances
  • Appeals against clearances
  • HMRC guidance on clearances
  • Statutory approvals

There are three main types of clearances available:

  1. statutory clearances

  2. non-statutory clearances

  3. statutory approvals

Statutory clearances

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:

  1. CTA 2010, s 1091 (demergers), see the Demerger clearances guidance note

  2. CTA 2010, s 1044 (purchase of own shares), see the Purchase of own shares clearances and reporting guidance note

  3. ITA 2007, s 247(1)(f) (EIS shares ― acquisition by new company)

  4. CTA 2010, s 748 / ITA 2007, s 701 (transactions in secu

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