CW Energy LLP

Transferable Tax History – Preparation 

Our Tax Newsletter of 21 March encouraged potential sellers of interests to ensure their Deeds were amended if they were contemplating taking advantage of the transferable tax history (TTH)  rules.

We now understand that the Treasury will contact all Deed holders to implement the changes to the Deed to make them compatible with the TTH rules. We understand this will happen within weeks and will involve the Treasury sending the revised wording to the Deed holder. Furthermore, we understand that the amendment will take effect on the agreement of the Deed holder. In other words, the process should be very simple and quick.

However, we have not seen the wording of the amendment and cannot comment further on the detail of the Treasury programme. Deed holders who are content to await the Treasury communication should satisfy themselves that the Treasury has the correct contact details and then await the communication. Deed holders who wish to ensure an earlier amendment should consider contacting the Treasury directly.

As mentioned in our earlier Tax Newsletter there should be no downside from making the changes to the Deed, with the proviso that we have not seen the amended wording.