Provision of report that is incorrect or incompleteU.K.
This section has no associated Explanatory Memorandum
111.—(1) This regulation applies if—
(a)a reporting fund provides a report specified in paragraph (2) that is incorrect or incomplete, and
(b)regulation 110 does not apply.
(2) The reports specified are—
(a)the report to participants in accordance with the requirements of Chapter 7 of this Part, and
(b)the report to HMRC in accordance with the requirements of Chapter 9 of this Part.
(3) If the reporting fund provides a correct report as soon as reasonably possible, there is a minor breach.
(4) If the reporting fund does not provide a correct report as soon as reasonably possible, there is a serious breach.