SCHEDULES

SCHEDULE 2Qualifying asset holding companies

PART 3Ceasing to be a QAHC

26Requirement to notify when conditions no longer met

1

A QAHC must notify HMRC if a relevant condition ceases to be met in relation to it as soon as reasonably practicable after becoming aware of the breach of the condition.

2

In sub-paragraph (1) “relevant condition” means any of the conditions in paragraph 2(1), other than the condition in paragraph 2(1)(g) (requirement for entry notification to be in force).

3

A notification under sub-paragraph (1) must set out—

a

a description of the breach,

b

the date on which it occurred,

c

the date on which the QAHC first became aware of it, and

d

where the breach is a breach of the ownership condition to which a cure period could apply (see paragraph 27(3))—

i

whether the QAHC intends to rely on that period, and

ii

if so, what steps (if any) the QAHC has taken, or expects to take, in order to secure the meeting of the ownership condition before the end of that period.