ATCS08900 - Low-risk view on unallowable purpose rules in the loan relationships and derivative contracts regimes: low risk view format and contents
If the decision is to issue a low-risk view, it is expected to be along the lines of the following:
- HMRC's review of the following information and documents with a list of the relevant evidence
- the discussions at meetings as recorded, with reference to the relevant documents
which are the only information and documents which have been reviewed and relied on in forming our view: I can confirm that HMRC would view [identify loan relationships and/ or derivative contracts, including parties, and amount of principal] as being at a low risk of being subject to a compliance intervention in relation to the unallowable purpose rules in the loan relationships regime (S441-442 CTA 2009) and/or in the derivative contracts regime (S690-691 CTA 2009), the unallowable purpose issue.
Subject to the following this low-risk view applies from [date of issue] to [end date] (unless amended or withdrawn earlier in accordance with this letter).
This low-risk view is administrative and non-binding. It does not preclude HMRC from opening an enquiry, issuing or amending assessments (including discovery assessments), making amendments (including, where relevant, a jeopardy amendment during an open enquiry), issuing closure notices, making determinations, or taking any other compliance or protective action as HMRC considers appropriate. This low-risk view is not a representation that HMRC will forgo future compliance action and does not bind HMRC in any enquiry, assessment, appeal or litigation.