Jurisdiction(s):
United Kingdom

Key definition

Securities definition

What does Securities mean? In legal practice, securities are tradable instruments that evidence ownership or debt, typically shares, bonds/debentures, and related instruments (for example, warrants), used in corporate finance and capital markets transactions. The term is used across multiple legal contexts and is often defined by statute. In the UK, under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), “securities” denotes a grouping of specified investments (for example, shares, debentures, government and public securities, warrants and certificates representing certain securities), distinct from “contractually based investments” and “other investments.” Separately, UK regulation and EU-derived frameworks use “transferable securities” (a MiFID/Prospectus...

UK transactions in securities (TiS) anti-avoidance: HMRC clearances, enquiries, counteraction notices and appeals (income and corporation tax)

Published by a LexisNexis Tax expert

Practice notes

This Practice Note covers the:

clearance procedure, and
administrative rules (enquiries, counteraction notices and appeals) relating to the anti-avoidance regime for transactions in securities (TiS).

There are separate TiS rules depending on whether the potential avoidance concerns income tax or corporation tax. The procedure a taxpayer must follow to obtain a clearance is the same under both regimes, but the process HMRC must follow to counteract a tax advantage differs. For guidance on the practicalities of drafting and submitting a clearance, see Precedent: Clearance letter—TCGA 1992, ss 138 and 139(5), ITA 2007, s 701 and CTA 2010, s 748. For an explanation of the circumstances in which the TiS rules apply, see Practice Note: Transactions in securities.

Clearances

Taxpayers can apply to HMRC for clearance confirming that the TiS rules (whether the income tax or corporation tax versions) will not apply to a particular transaction, or series of transactions, that they have undertaken or propose to undertake. HMRC has 30 days to respond by granting or refusing clearance, or by requesting additional information...

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Web page updated on 22/05/2026

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