F1PART 4BTAX ELECTED FUNDS

Annotations:
Amendments (Textual)

CHAPTER 6COMPLIANCE IN RELATION TO THE TAX ELECTED FUNDS REGIME

Breaches of TEF conditions

Multiple breaches of separate conditions69Z68

The Commissioners must give a termination notice to a Tax Elected Fund if—

a

there has been a breach of at least two of the TEF conditions, and

b

there have been four breaches in a period of ten years beginning with the first day of the accounting period in which the first breach occurs.