Duncan and MC. Thank you for highlighting the problem with the link. This is now fixed. Thank you too for noting that in paraphrasing, we have turned the quote around. As you state, the correct statement is ' However, the government would stress
that it would still expect the vast majority of distributions from a winding-up to be
treated as capital (as is currently the case)'.
Regarding clearances, the paper refers to clearances being given currently, pre and post April 2016. HMRC does not intend to give further clearances on the TAAR being enacted by this legislation.