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HMRC internal manual

Offshore Funds Manual

Reporting funds: breaches of reporting fund conditions: types of breaches: provision of incorrect or incomplete report - Regulation 111

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 OFM29220), 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 OFM29300 onwards - consequences of breaches).