Commentary

C2.1167 Property rich collective investment vehicles—revocation of the exemption election

Capital gains tax
Capital gains tax | Commentary

C2.1167 Property rich collective investment vehicles—revocation of the exemption election

Capital gains tax | Commentary

C2.1167 Property rich collective investment vehicles—revocation of the exemption election

The manager of a CIV may revoke an exemption election by providing written notice to HMRC. The notice must state the day from which the election is to cease to have effect1.

A designated officer of HMRC may also revoke the election for exemption if2:

  1.  

    •     there is a breach of the reporting requirements. However, breaches that are thought to be insignificant can be ignored. In considering whether the current breach is insignificant, HMRC will take account of the number and seriousness of previous breaches3, or

  2.  

    •     the officer considers it

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