IFM12726 - Offshore Funds: Reporting funds: breaches of reporting fund conditions: types of breaches: serious breaches
Regulation 113 of SI 2009/3001
In addition to the circumstances described in IFM12722 to IFM12724 which could give rise to a serious breach unless specified remedial action is taken, a serious breach will occur in the following circumstances -
- a reporting fund has a period of account exceeding 18 months;
- a reporting fund has used an accounting practice that is not in accordance with IAS and has not been approved by HMRC;
- a reporting fund or its managers do not provide the information, particulars or documents requested by HMRC in a notice given under regulation 107(1) (see IFM12636) within the time specified, and there is no appeal against the notice within the time specified in regulation 107(6); and
- if a reporting fund appeals against a notice given under regulation 107(1), but the tribunal varies the notice and the fund or its managers fail to provide the information, particulars or documents within the time specified in the notice as varied, and there is no appeal against the decision of the tribunal.
See IFM12734 for the consequence of a serious breach.