Commentary on Sections Overview Overview Section 702: Effect of clearance notification under section 701
2095.This section lays down the legal consequences of HMRC giving a clearance notification under section 701. It is based on section 707 of ICTA.
2096.This section will apply solely for income tax purposes, and section 707 of ICTA will apply solely for corporation tax purposes. If HMRC issue a section 702 or section 707 clearance which refers by mistake to the wrong provision, HMRC will treat it as if it referred to the correct provision.