IFM09405 - Becoming a RIF: Introduction
Requirements to become a Reserved Investor Fund (RIF)
A co-ownership scheme can become a RIF if it:
- meets or is treated as meeting the required eligibility criteria (IFM09200), and
- make an entry notification to HMRC (IFM09410)
Where a co-ownership scheme is treated as meeting the ownership condition (IFM09220) and/or the UK property rich condition (IFM09250) for an initial period, it must meet them by the end of a 12-month grace period and must make the necessary declarations in the entry notice (IFM09420).