Treasury consent

Treasury consent
Before UK companies carry out certain transactions involving their overseas subsidiaries, they are required to obtain consent (which may be either specific or general) from the Treasury (section 765, Income and Corporation Taxes Act 1988). Where specific consent is required, individual written applications must be made to the Treasury. The "Treasury General Consents 1988" sets out those types of transactions for which the Treasury will automatically grant consent and for which no written application is required. The requirement for Treasury consent is to prevent the loss of tax to the UK.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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