The Co-ownership Contractual Schemes (Tax) Regulations 2025
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Change 1
21 Breach of qualifying conditions: requirement to notify HMRC
(1) Where a RIF breaches one or more qualifying conditions and as a result ceases to be a RIF, the operator of the RIF must notify HMRC in accordance with this regulation. (2) Notice in respect of a breach of a qualifying condition in section 20(1)(a) to (c) of F(No.2)A 2024 or the UK-based condition must specify— (a) the qualifying condition that the RIF has breached, and (b) the date on which the breach occurred. (3) Notice in respect of a breach of the ownership requirement or restriction requirement must specify— (a) if the ownership requirement was breached, whether the RIF ceased to meet the genuine diversity of ownership condition or the non-close condition, (b) if the restriction requirement was breached, the restriction condition that the RIF ceased to meet, and (c) the date on which the breach occurred. (4) A notice under this regulation must be given before the end of the period of 30 days beginning— (a) in respect of a breach mentioned in paragraph (2), with the date on which the breach occurred, (b) in respect of a breach mentioned in paragraph (3), with the date on which the 9 month period in relation to the breach came to an end. (5) The operator of a RIF is not required to give notice in respect of a breach of a qualifying condition if, in relation to the breach, the operator has given a notice under regulation 9(3), 13(3), 16(2) or 18(3). (6) In paragraph (4), “9 month period”— (a) in relation to a breach of the ownership requirement, has the meaning it has in regulation 16; (b) in relation to a breach of the restriction requirement, has the meaning it has in regulation 18.
21 Breach of qualifying conditions: requirement to notify HMRC
(1) Where a RIF breaches one or more qualifying conditions and as a result ceases to be a RIF, the operator of the RIF must notify HMRC in accordance with this regulation. (2) Notice in respect of a breach of a qualifying condition in section 20(1)(a) to (c) of F(No.2)A 2024 or the UK-based condition must specify— (a) the qualifying condition that the RIF has breached, and (b) the date on which the breach occurred. (3) Notice in respect of a breach of the ownership requirement or restriction requirement must specify— (a) if the ownership requirement was breached, whether the RIF ceased to meet the genuine diversity of ownership condition or the non-close condition, (b) if the restriction requirement was breached, the restriction condition that the RIF ceased to meet, and (c) the date on which the breach occurred. (4) A notice under this regulation must be given before the end of the period of 30 days beginning— (a) in respect of a breach mentioned in paragraph (2), with the date on which the breach occurred, (b) in respect of a breach mentioned in paragraph (3), with the date on which the 9 month period in relation to the breach came to an end. (5) The operator of a RIF is not required to give notice in respect of a breach of a qualifying condition if, in relation to the breach, the operator has given a notice under regulation 9(3), 13(3), 16(2) or 18(3). (6) In paragraph (4), “9 month period”— (a) in relation to a breach of the ownership requirement, has the meaning it has in regulation 16; (b) in relation to a breach of the restriction requirement, has the meaning it has in regulation 18.
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