CTM34430 - Residence: avoidance transactions: consent applications: when to make a report to Head Office

ICTA88/S765 and ICTA88/S765A

Treasury consent is given in all but a small proportion of transactions falling within Section 765. A copy of the Treasury reply is sent to the District together with a copy of the application. Retain these in the company's permanent notes file or in a separate pad.

Although the Treasury is charged with the giving or withholding of consent, in practice it will normally rest with Inspectors to check that the provisions of Section 765 are complied with.

Make a report to CT&VAT, International CT, where:

• the consent is given subject to conditions and the company has not complied with the conditions,

or

• there is reason to believe that the transaction has been carried out in a way or on terms materially different from those described in the application to which consent has been given or it appears that a material loss of tax has resulted which was not foreseen at the time the application was considered,

or

• a transaction which appears to fall within the Section has been carried out without consent including: