CTM34390 - Residence: avoidance transactions: special consent

ICTA88/S765 and ICTA88/S765A

Transactions that are not within the general consents and do not consist of the giving of security to banks and insurance companies within Section 765 (2) and (3) need special consent.

In deciding whether consent should be given to a transaction, the Treasury (as advised by HMRC) is guided by the terms of reference of the Advisory Committee, which was appointed by the Chancellor for the purposes of Section 765. These terms of reference are reproduced in paragraph 3 of the notes for guidance at CTM34490. They require any compelling commercial reasons for a transaction to be weighed against the potential loss of UK tax.