A number of statutory clearance procedures may be relevant on a company reorganisation. These include clearances under CTA 2010 s 1091 (demergers); CTA 2010 s 1044 (purchase of own shares); CTA 2010 s 748 / ITA 2007 s 701 (transactions in securities); TCGA 1992 s 138(1) (share exchanges); TCGA 1992 s 139(5) (reconstructions involving the transfer of a business); and TCGA 1992 s 140B (transfer of a UK trade between EU Member States). Taxpayers can also apply to HMRC for non-statutory clearances where there is ‘material uncertainty’ about a transaction and an issue is ‘commercially significant’.
