Clearance is an indication from a taxing authority that a certain provision does not apply to a particular transaction. This procedure is only available when specified by statute and can significantly impact tax liabilities and treatment of specific transactions.
A civil servant responsible to HM Revenue and Customs for issuing tax returns and assessments, conducting appeals, and agreeing on tax liabilities with taxpayers.
A letter ruling, also known as an advance ruling, is a written statement issued by a tax authority to a taxpayer, clarifying how specific transactions will be dealt with under the applicable tax laws.
A transaction intended to create the appearance of rights and obligations different from the actual intended agreements to deceive other parties, often tax authorities.
