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CGT catastrophe

I refer to Lesley Stalker's article 'The cashflow catastrophe?' (see related link above). In the first paragraph of page 534 Lesley suggests that it may be beneficial not to seek clearances for the purpose of TCGA 1992 s 135 in order to crystallise an immediate capital gains tax charge before the 18% rate comes in. However s 135 is mandatory if the necessary conditions apply and the clearance under TCGA 1992 s 138 is simply that HMRC will not apply the anti-avoidance rule in TCGA 1992 s 137. Simply failing to make a clearance application will not necessarily prevent s 135 applying to delay capital gains until consideration shares are sold and anybody relying on this may be sorely disappointed.
Brian Slater
Head of Commercial Tax
Finers Stephens Innocent LLP Solicitors.

Lesley Stalker replies:
It is the case that TCGA 1992...