HMRC has recently updated its non-statutory clearances pages to provide more details on the transactions for which it will not provide a clearance service. These include:
- The Income Tax Settlements Provisions
- The tax consequences of executing non-charitable trust deeds or settlements
It also confirms that IHT clearance is not available for gifts to individuals, 10 year anniversary charges, conditional disposition of property under a will, and deeds of variation. The tax consequences of executing a trust deed, the application of Chapter 5 part 5 Income Tax (Trading and Other Income) Act (ITTOIA), valuations, and requests for general confirmation of the status of businesses for Business Property Relief are also not included.
Clearance checklists are available as follows:
Annex A – checklist for clearance service other than ones in Annex B to E
Annex B – Business Investment Relief Advance Assurance checklist Use this checklist if you want to ask HM Revenue and Customs (HMRC) to give you their view on whether a proposed investment can be treated as a qualifying investment as defined in section 809VC of Income Tax Act (ITA) 2007.
Annex C - Business Property Relief clearance service is available where there is an immediate Inheritance Tax charge, such as transfers into and out of a trust.
Annex D - VAT
Annex E should only be used in relation to closed years (years where there is no open enquiry window) and when you have registered to make a disclosure of offshore liabilities via HM Revenue and Customs (HMRC) Digital Disclosure Service. If you wish to make an application in relation to an open year (one where the enquiry window remains open) you should use Annex A.
See HMRC Tax Clearance Guidance
Our Guides to these topics:
The Settlement Provisions and Shifting your income
IHT Business Property Relief (freeview and subscriber version: Business Property Relief
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