Guidance

Notes for completing notifications for the qualifying asset holding company (QAHC) regime

Published 7 March 2022

You’ll need to check more detailed information on the eligibility criteria and what you’ll need to do before making a notification.

1. Ownership condition breached within the first 2 years

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• a declaration that the company reasonably expects to meet the ownership condition within the first 2 years of the date of entry (the grace period)
• details of steps the QAHC has taken, or expects to take, in order to secure the meeting of the ownership condition before the end of the grace period

2. No longer a reasonable expectation of meeting the ownership condition within the first 2 years

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• date of exit (which should be the date there was no longer a reasonable expectation that the ownership condition would be met within the first 2 years of the date of entry)

3. Exit after breach of an eligibility condition

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• which eligibility condition has been breached
• date on which the breach occurred
• date of exit (which should be the date the breach was discovered)

4. Breach and cure of activity condition

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• a description of the breach
• date on which the breach occurred
• the date on which the breach was discovered
• confirmation that the breach was cured as soon as reasonably practicable, and details of how the breach was cured
• confirmation that the breach has yet to be cured, and details of steps being taken to cure the breach

5. Breach and cure of ownership condition

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• a description of the breach
• date on which the breach occurred
• the date on which the breach was discovered
• confirmation that the QAHC wishes to cure the breach
• details of steps (if any) that the QAHC has taken to cure the breach

6. Enter a wind-down period

You’ll need to provide the following:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• date on which the ownership condition was breached
• date of entering the wind-down period (which should be the date the breach was discovered)
• a declaration that the QAHC reasonably expects to have sold all of its assets in the QAHC ring fence business within 2 years of the date of entering the wind-down period

7. Acquiring assets or raising capital during a wind-down period

You’ll need to provide the following information:

• name of QAHC
• unique taxpayer reference (UTR) of the QAHC
• date of entering the wind-down period
• the date on which assets were acquired
• details of whether those assets purchased were either:
  • reasonably required in connection with the ceasing of the QAHC’s ring fence business
  • necessary to prevent insolvency of the QAHC or a person in which the QAHC has an interest
• the date on which capital has been raised
• details of whether the capital raised was necessary to prevent insolvency of the QAHC or a person in which the QAHC has an interest

8. Voluntary exit

You’ll need to provide the following information:

• name of QAHC.
• unique taxpayer reference (UTR) of the QAHC
• date of exit (which must be after the date that the exit notification is submitted)