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27(1)Sub-paragraph (2) applies to a breach by a QAHC of the activity condition (see paragraph 13(1)) if—
(a)the breach is not deliberate,
(b)the QAHC has given HMRC a notification in relation to the breach in accordance with paragraph 26, and
(c)the QAHC has secured that the breach has ceased as soon as reasonably practicable.
(2)Where this sub-paragraph applies to a breach of the activity condition, the breach is treated, for the purposes of this Part of this Schedule, as if it had not occurred.
(3)A cure period applies to a breach of the ownership condition (see paragraph 3) in relation to a QAHC if—
(a)the sum of relevant interests in the QAHC or in an enhanced class of the QAHC held by persons who are not category A investors does not exceed 50% (whether as a result of the breach or at any time afterwards),
(b)the breach is not deliberate,
(c)the QAHC has complied with paragraph 12 (requirement to take reasonable steps to monitor compliance), and
(d)the QAHC has given HMRC a notification in relation to the breach in accordance with paragraph 26 that states the QAHC intends to rely on the cure period.
(4)Where—
(a)a cure period applies to a breach of the ownership condition, and
(b)before the end of the cure period, the QAHC meets that condition,
the breach is treated, for the purposes of this Part of this Schedule, as if had not occurred.
(5)The “cure period” in relation to a breach of the ownership condition is—
(a)the period of 90 days beginning with the day on which the QAHC became aware of the breach, or
(b)such longer period beginning with that day as HMRC may in writing agree.
(6)A breach of a condition is deliberate if—
(a)it occurred as a result of anything done by any of the persons mentioned in sub-paragraph (7),
(b)that person knew that one of the consequences of doing that thing would be a breach of that condition, and
(c)it would have been reasonable for the person to avoid doing that thing.
(7)Those persons are—
(a)the QAHC;
(b)a director, or any other person involved in the management, of the QAHC;
(c)a person with relevant interests in the QAHC, or in an enhanced class of the QAHC, of 25% or more;
(d)a director, or any other person involved in the management, of a person referred to in paragraph (c).
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