PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 10BREACHES OF REPORTING FUND REQUIREMENTS
Serious breaches113
1
There is a serious breach if condition A, B, C or D is met.
2
Condition A is that a period of account of a reporting fund exceeds 18 months.
3
Condition B is that a reporting fund has used an accounting practice which—
a
is not in accordance with international accounting standards, and
b
has not been approved by HMRC (see regulations 53, 55 and 61).
4
Condition C is that—
a
a reporting fund fails, or its managers fail, to provide the information, particulars or documents within the time specified in a notice given under regulation 107(1), and
b
there is no appeal against the notice within the time specified in regulation 107(6).
5
Condition D is that—
a
on an appeal against a notice given under regulation 107(1), the tribunal varies the notice,
b
a reporting fund fails, or its managers fail, to provide the information, particulars or documents within the time specified in the notice (as so varied), and
c
there is no appeal against the decision of the tribunal.