UK tax legislation is often complex and not always easy to interpret, and taxpayers typically want to know the tax considerations of a transaction in advance. To assist with this uncertainty, taxpayers can apply for clearance from HMRC on the tax treatment of certain transactions before the relevant transaction or event takes place.
What is a Clearance?
Clearances are broadly defined as written confirmation of HMRC's view of the application of tax law to a specific transaction or event, where the taxpayer can rely on this verification in most circumstances. Our previous blog discusses where HMRC will not give clearance.
Clearance applications to HMRC can come under:
‘Statutory clearances’ – the tax treatment of certain...
Read more
We’re available
Mon - Fri: 9am - 5:30pm