Transactions in securities clearances

By Tolley

The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Transactions in securities clearances
  • Introduction
  • When to seek clearance
  • Other guidance and templates
  • Refusal of clearance


The transactions in securities (TiS) legislation gives HMRC power to issue a notice of counteraction in respect of a tax advantage arising from specified scenarios. Broadly the legislation will be applied where a transaction is carried out otherwise than for bona fide commercial reasons of which the main object is to obtain a tax advantage. For guidance on the TiS legislation, which includes a summary of situations where the rules should not apply, see the Transactions in securities guidance note.

A statutory clearance procedure is available under ITA 2007, s 701 (income tax) and CTA 2010, s 748 (corporation tax). A clearance application generally takes the form of a letter setting out the steps and anticipated tax implications of the proposed transaction. Once clearance is given by HMR

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