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HMRC internal manual

Company Taxation Manual

Particular topics: transactions in securities: clearance: internal communications

Where a company involved in the transactions is dealt with by Large Business, Clearance and Counteraction Team will liaise with the Customer Relationship Manager.

If a clearance application is received in a local office it should be forwarded to Clearance & Counteraction Team.

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Advise the agent or company that you have done so in the following terms:

Thank you for your application for clearance under ITA07/S701 sent to me on [date].  Please note that all such applications must be made to the Commissioners for HM Revenue & Customs and not to this office.  I have sent the application to the C-A Clearance & Counteraction Team.  The 30 day limit within which the Commissioners are expected to reply will begin to run when the application is received by them.  This team may be contacted at HM Revenue & Customs, CTIS Clearance, S0483, Newcastle, NW98 1ZZ.

Do not send any papers with the clearance application.

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Reporting cross-border transactions

The OECD’s Base Erosion and Profits Shifting (BEPS) initiative, which is designed to reduce international tax avoidance, includes a requirement to exchange information.  This includes information relating to statutory clearances which have cross-border effect.  A statutory clearance is an agreement made between a tax authority and a taxpayer which may be relied upon. Such “rulings” with an international dimension are in principle exchangeable with another jurisdiction, either

  •          automatically under BEPS Action 5,
  •          automatically under the EU Directive on Administrative Cooperation in the field of Taxation (“DAC”), or
  •          spontaneously where it would foreseeably be of assistance to another jurisdiction.

IEIM500000+ onwards gives more information, including on whether, when, and how to exchange such rulings .  The guidance on sharing rulings should be consulted before responding to an application with a cross-border element, in case further information is needed from the taxpayer. Where a clearance is issued by the Clearance Team they will pass details to the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC) in appropriate cases as part of the clearance process.