CTM34370 - Residence: avoidance transactions: Treasury consent: pre-15/3/88

ICTA88/S765 and ICTA88/S765A

A company which applied for Treasury consent under subsection (1)(a) or (b) before 15 March 1988 and received consent whether before or after that date, was allowed to migrate or transfer its business after that date within the terms of the consent. The terms of the consent will have imposed a time limit so that all migrations will have taken place shortly after 15 March 1988. A company, which did migrate after 15 March 1988 under this special provision, was not subject to the exit charge on capital gains in TCGA92/S185. If incorporated in the UK such a company qualifies for the appropriate exception from the incorporation rule on residence (see INTM120000 onwards).