Commentary on Sections Overview Overview Section 701: Application for clearance of transactions
2093.This section is concerned with applications for clearance of transactions. It is based on section 707(1) of ICTA.
2094.This section will apply solely for income tax purposes, and section 707 of ICTA will apply solely for corporation tax purposes. HMRC’s operational guidance will tell officers what action they should take if a clearance application is made which appears to refer to the wrong provision.