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Clearing the Way

 
Peter Wharrad of HMRC's Business Customer Unit talks about the new proposals on Clearances and Advance Agreements
 
Clarity. Certainty. Speedy resolution. Focusing resource on areas of real risk. These four are the cornerstones of the proposals in the 2006 Varney Review of Links with Large Business. When looking at tax administration in a purely domestic context these factors are obviously important. When looked at in an international context with the real-time pressure of a multi-jurisdictional transaction — perhaps a competitive takeover or a restructure of a major operating division — the importance can only be magnified.
 
The advance agreements and clearances arena has the potential to make a big contribution to these areas. A business that can obtain a binding clearance on a technical issue before the transaction has even taken...
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