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The HMRC article in Tax Bulletin 64 described in I5.1107 caused a great deal of concern in many quarters. Seven professional bodies met jointly with HMRC to discuss the way the complex settlements legislation is applied, primarily in relation to husband and wife owned companies.

Before the meeting, the group had submitted a lengthy paper¹ containing a detailed response to HMRC's article.

The main concerns of the professional bodies are as follows:

1. Ìý

   •ÌýÌýÌýÌý although some aspects of HMRC's guidance on the settlements legislation were previously known, key elements affecting everyday situations were not

2. Ìý

   •ÌýÌýÌýÌý taxpayers require clear guidance and as much certainty as is possible to ensure they fulfil their tax obligations under self assessment; although HMRC may have always held the views expressed in the guidance, this had not been communicated to taxpayers and their advisers

3. Ìý

   •ÌýÌýÌýÌý anumber of key technical issues underpinning HMRC's guidance are not accepted, particularly HMRC's