The age of consent

MANY YEARS AGO the Treasury consent legislation in what is now TA 1988 s 765 was a fearsome beast. This legislation forbade the export of UK companies or the sale of their operations to overseas concerns without prior permission from the Treasury. It was largely repealed in 1988 with two limp sub-clauses left dangling on the statute book. This makes it perhaps more dangerous as it is so easy to forget what is left but the introduction at this time of the 'general consents' (see the Treasury General Consents 1988 at www.hmrc.gov.uk/manuals/ctmanual/CTM34470.htm) gives comfort to the forgetful in many — but not all — situations. In 1990 the danger of this legislation was watered down further with the introduction of the TA 1988 s 765A notifications instead of prior consents in relation to transactions involving companies in...