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E1.1420 Transactions in securities—application for a clearance

A person who is in doubt whether transactions which they have carried out (or propose to carry out) may give rise to counteraction may apply to HMRC for a 'clearance', ie a statement that those provisions shall not apply to them in respect of those transactions¹. In practice, clearances are also dealt with by appointed HMRC officers in the Clearance and Counteraction Team, which also deals with, inter alia, clearances under the following provisions:

1. Ìý

   •ÌýÌýÌýÌý CTA 2010, s 1091 (demergers), see D6.429

2. Ìý

   •ÌýÌýÌýÌý CTA 2010, s 1044 (company purchase of own shares), see D6.605–D6.618 – HMRC also provide a Helpsheet which provides a useful guide to straightforward situations to help understand, where a company makes a purchase of its own shares, the conditions that must be met before the payment can be treated as an exempt distribution and the HMRC clearance procedure. See Seeking approval when a company purchases its own shares.

3. Ìý

   •ÌýÌýÌýÌý TCGA 1992, ss 138 and 139 (company reconstructions), see