Abstract: . . .  characteristics of each case although certain information will be required in all cases (see below). 104. Clearance applications and questions regarding the clearance procedure should be sent to: HM Revenue & Customs Clearance & Counteraction Team, Anti Avoidance Group Intelligence First floor 22 Kingsway London WC2B 6NR Please mark the application “Capital losses clearance application”. Tel.: 020 7084 5525 Email: capitallosses.clearances@hmrc.gsi.gov.uk 105. A clearance will state the terms on which . . .
. . .  mean that all such arrangements between connected parties will be caught. Taxpayers should in such cases be guided by the information given in this document that the rules are targeted at arrangements where a main purpose was to secure a tax advantage through the use of capital losses in ways that reduce income profits. 88. For the purposes of section 184H, the definition of tax advantage in section 184D applies, but the tax advantage must also involve both the deduction of expenditure in calculating . . .
. . .  advantage arises 5. Explanation of any commercial purpose for the arrangements Page 38 24 Part 7: Closed consultation The draft guidance was first published on 5 December 2005 and was subject to a period of consultation to 5 February 2006. This version of the guidance was published on 22 March 2006.  . . .
. . .  (unless, for example, the provisions of new section 184A apply to the loss). Page 20 6 Part 3: Restriction on a company's allowable losses 18. Amendments to section 8(2) TCGA 1992 and new legislation in subsections (2A) to (2C) focus on the contrived creation and realisation of capital losses. 19. There is evidence to show that a variety of schemes to generate capital losses which the existing legislation was never intended to produce are being marketed and implemented. Typically the schemes involve . . .
. . .  provisions relevant to those elements of the arrangements from which a tax advantage arises 5. Explanation of any commercial purpose for the arrangements Page 38 24 Part 7: Closed consultation The draft guidance was first published on 5 December 2005 and was subject to a period of consultation to 5 February 2006. This version of the guidance was published on 22 March 2006.  . . .
. . .  reviewed by the company's local tax office to ensure that the facts and circumstances relating to the actual transaction are as described in the application. 108. The making of a clearance request does not affect any obligation to disclose the promotion or use of any arrangement under Part 7 Finance Act 2004. 109. HMRC would expect to receive the following basic information in a clearance application: A. Details of scheme participants 1. Company in which gain arises a. Name of company (and details of UK . . .
--3000,6,250,3108,81059