Who doesn’t like a bit of certainty? Tax legislation is often complex or open to different interpretations. Seeking clearance seems a sensible way of obtaining absolute certainty or at least reasonable assurance that HMRC will not look to challenge the tax treatment of the transaction after the event.
However when HMRC seek to rescind clearances and to re-open matters that taxpayers thought had been set in stone clearances quickly start to lose their lustre becoming more of an awkward skeleton in the closet than a pillar of certainty.
Clearances can be either:
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Who doesn’t like a bit of certainty? Tax legislation is often complex or open to different interpretations. Seeking clearance seems a sensible way of obtaining absolute certainty or at least reasonable assurance that HMRC will not look to challenge the tax treatment of the transaction after the event.
However when HMRC seek to rescind clearances and to re-open matters that taxpayers thought had been set in stone clearances quickly start to lose their lustre becoming more of an awkward skeleton in the closet than a pillar of certainty.
Clearances can be either:
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: