[F1PART 4AU.K.PROPERTY AIFS

CHAPTER 7U.K.LEAVING THE PROPERTY AIF REGIME

Appeal against termination noticeU.K.

69Z38.(1) An open-ended investment company to which a termination notice is given may appeal F2....

(2) The notice of appeal must be given to HM Revenue and Customs within a period of 28 days beginning with the day on which the termination notice is given.

(3) On an appeal [F3that is notified to the tribunal, the tribunal] shall determine whether it was just and reasonable for HM Revenue and Customs to give the termination notice.

(4) If [F4the tribunal decides] that it was, [F5the tribunal must] confirm the notice.

(5) If [F4the tribunal decides] that it was not, [F5the tribunal must] set aside the notice.]