Part 23Company distributions

Chapter 5Demergers

Advance clearance

1091Advance clearance of distributions

(1)

Before a distribution is made, the distributing company may apply under this section to the Commissioners for Her Majesty's Revenue and Customs (“the Commissioners”).

(2)

If, before the distribution is made, the Commissioners notify that company that they are satisfied that it will be an exempt distribution, the distribution is treated as an exempt distribution.