Corporation Tax Act 2010 section 749

Effect of clearance notification under section 748

Section 749 explains the consequences when HMRC issue a clearance notification confirming that a transaction or transactions do not warrant a counteraction notice, including the circumstances in which that clearance can be overridden or rendered void.

• Once HMRC issue a clearance notification, they cannot serve a counteraction notice on the company for the cleared transaction or transactions.
• Clearance does not prevent a counteraction notice covering the cleared transactions together with additional transactions not included in the original clearance.
• The clearance notification is void if the company's disclosure was incomplete or inaccurate in any material respect.
• Full and accurate disclosure of all material facts and considerations is essential for the clearance to remain valid.