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Clause 37 and Schedule 17 introduce a reporting requirement for business that replaces the current Treasury Consent rules. This will provide HM Revenue and Customs with early notice of high value cross-border transactions that change the capital structure of multinational groups. This information will be used in considering whether these transactions may have been put in place to avoid tax, and complements other existing anti-avoidance measures. The information provided will also inform policy making, enabling legislation to be introduced where necessary to close down avoidance schemes.