Particular topics: transactions in securities: clearance applications under ITA07/S701 and/or ICTA88/S707 - refusals or changes to proposals
Information about clearance applications may be included in your risk assessment process. If you have received notification that clearance has been refused and you believe the transactions (or similar transactions) have been carried out send a short report (but not your file) to the Clearance & Counteraction Team.
If clearance has been granted and you have reason to believe a full and accurate disclosure of all the relevant facts was not made or the transactions formed part of a larger scheme to avoid tax report this to the Clearance & Counteraction Team.
You need not send the files to the Clearance & Counteraction Team at this stage. It is sufficient to provide details of the transactions carried out and the names and tax references of the parties. The Clearance & Counteraction Team will request the files later if necessary.
Copies of proposed transactions for which clearance has been given or refused can be obtained by compliance officers who should contact the Clearance & Counteraction Team.