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HMRC internal manual

Offshore Funds Manual

HM Revenue & Customs
, see all updates

Reporting funds: breaches of reporting fund conditions: consequences of breaches: minor breaches - Regulation 109

A reporting fund that is in minor breach of the regulations will continue to be treated as a reporting fund, unless there are minor breaches on four separate occasions in a period of ten years beginning with the first day of the period of account in which the first breach occurs, in which event the fourth breach will be a serious breach (see OFM29260).

Note though that if a single event results in more than one minor breach within a single period of account then only one minor breach is treated as arising in that period of account.