Transactions in securities clearances

By Tolley
Transactions in securities clearances

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

Introduction

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 and the Phoenix TAAR on a company sale or winding up guidance note.

More on HMRC clearances: