PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 10BREACHES OF REPORTING FUND REQUIREMENTS
Consequences of serious breaches114
1
This regulation applies if conditions A and B are met.
2
Condition A is that—
a
a reporting fund is in breach of a requirement imposed in this Part, and
b
the breach is a serious breach.
3
Condition B is that HMRC give notice to the fund—
a
stating that the fund is in breach of a requirement imposed in this Part and that the breach is a serious breach, and
b
specifying the serious breach.
4
The fund is treated as a non-reporting fund for the reporting period in which HMRC give the notice and for all subsequent periods. This is subject to paragraphs (5) and (6).
5
If regulation 113(4) applies, the fund is treated as a non-reporting fund for the reporting period in which the notice is given and for all subsequent periods.
6
If regulation 113(5) applies, the fund is treated as a non-reporting fund for the reporting period in which the notice as varied is given and for all subsequent periods.