Offshore Funds: Reporting funds: breaches of reporting fund conditions: types of breaches: provision of report that this is incorrect or incomplete
Regulation 111 of SI 2009/3001
If a reporting fund provides an incorrect or incomplete report to its UK participants or to HMRC as required by Chapters 7 or 9 of the regulations, other than one that is incorrect due to a difference between reported income and reportable income under regulation 110 (see IFM12722), there is a minor breach if the reporting fund provides a correct report as soon as reasonably possible.
If the reporting fund does not provide a correct report as soon as reasonably possible, there is a serious breach.
(See IFM12730 onwards - consequences of breaches).