Commentary

B5.724 Breach of reporting fund requirements

Business tax
Business tax | Commentary

B5.724 Breach of reporting fund requirements

Business tax | Commentary

B5.724 Breach of reporting fund requirements

A fund may be in breach of a reporting fund requirement and a breach may be classed as either a minor breach or a serious breach1. A minor breach is one for which there is a reasonable excuse, or which is inadvertent and remedied as soon as possible and which is not specified as a serious breach2. It is not regarded as a breach if the reporting fund corrects it without HMRC intervention requesting any information relating to a reporting fund requirement, or if the request for information is made after the fund has taken the initiative to correct the minor breach3.

There is serious breach if a breach occurs which is not a minor breach4, or if a minor breach becomes a serious breach (see below)5 or if one of the following applies6:

  1.  

    (a)     the period of account of the reporting fund exceeds 18 months;

  2.  

    (b)     the reporting

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