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.