SCHEDULES
F1SCHEDULE 5AAAUK property rich collective investment vehicles etc
PART 4Exemption
Notification to participants in relation to deemed disposals under paragraph 21 or 22
25
1
This paragraph applies if—
a
a disposal is deemed to have been made by a person under paragraph 21,
b
a disposal is deemed to have been made by a person under paragraph 22 as a result of the revocation of an election, or
c
an amount is treated as accruing to a person under paragraph 23(7) or (8).
2
The relevant fund manager must notify the person of the matters mentioned in sub-paragraph (1)(a), (b) or (c).
3
The notification—
a
must be in writing, and
b
must be given within the period of 30 days beginning with the relevant time.
4
If this paragraph applies as result of sub-paragraph (1)(a) or (b), “the relevant time” means the time at which the deemed disposal is made.
5
If this paragraph applies as result of sub-paragraph (1)(c), “the relevant time” is the time at which the amount is treated as accruing.
26
1
A person who fails to comply with paragraph 25 is liable to a penalty not exceeding £3,000.
2
If—
a
there is a failure to comply with that paragraph, and
b
there are two or more persons who are the relevant fund managers each of whom is subject to the duty to notify under that paragraph,
the total amount of the penalties to which those managers (taken together) are liable is not to exceed £3,000.
3
If a person becomes liable to a penalty under this paragraph, an officer of Revenue and Customs must—
a
assess the penalty, and
b
notify the person.
4
The assessment must be made within the period of 12 months beginning with the day on which an officer of Revenue and Customs first becomes aware that the person has failed to comply with paragraph 25.
5
A person may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
6
Notice of appeal under this paragraph must specify the grounds of appeal.
7
Notice of appeal under this paragraph must be given—
a
within 30 days after the penalty was notified to the person,
b
to the officer of Revenue and Customs who notified the person.
8
A penalty under this paragraph must be paid before the end of the period of 30 days beginning with—
a
the day on which the person was notified of the penalty, or
b
if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.
Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21