HMRC has recently updated its non-statutory clearances pages: it will no longer provide a clearance service for incorporation relief or where certain facts apply to a case.
These include, in addition to previous restrictions:
- Clearances on matters of fact, such as if certain activities constitute a business.
- Whether s162 TCGA 1992 Incorporation relief is available to property income.
This means that those looking to Incorporate a buy-to-let business and claim s162 relief to ensure that no capital gains tax is due will no longer be able to approach HMRC for confirmation that the property letting activity is sufficient to qualify for the relief before they undertake the transaction.