Jurisdiction(s):
United Kingdom

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

HMRC statutory clearances: key UK clearances for corporate reorganisations and shareholder transactions, application content, reliance and appeals; plus advance tax certainty service and SME R&D advance assurance pilot

Published by a LexisNexis Tax expert

Practice notes

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FORTHCOMING CHANGE relating to new advance clearance processes:

After an initial unveiling at Autumn Budget 2024 under the government’s Corporate Tax Roadmap, and a consultation issued at Spring Statement 2025, Budget 2025 set out the consultation conclusions and confirmed HMRC will introduce a new advance tax certainty service in July 2026. That announcement also confirmed a July 2026 start date for the service. The regime is expected to be available to qualifying parties backing ‘major projects’ with at least £1bn of in-scope UK spend. According to the Budget 2025 updates, the service will address a defined suite of taxes — corporation tax, VAT and stamp taxes — while excluding transfer pricing, valuation, purpose-based tests and hypothetical cases. Clearances will commit HMRC (but not the taxpayer) not to alter its view of the law, where all facts are fully disclosed, for up to five years, provided the facts and law remain unchanged, with scope for pragmatic renewal. No charges will apply initially, and anonymised decisions will not be published. Enabling legislation appeared in Finance Bill 2026. Draft technical guidance was released on 10 December 2025. Additionally, further to an announcement at Autumn Budget 2024 within the government’s Corporate Tax Roadmap...

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Web page updated on 21/05/2026

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