[HMRC Tax Bulletin 49, October 2000]

Section 765 requires UK companies with overseas subsidiaries to obtain the consent of the Treasury before certain transactions involving those subsidiaries are carried out.

Consent may be given specially or generally. For the former, application must be made to the Treasury. For the latter no application is necessary and the transactions to which consent is given generally are described in the “The Treasury Consents 1988”.

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