F1PART 4BTAX ELECTED FUNDS

Annotations:
Amendments (Textual)

CHAPTER 6COMPLIANCE IN RELATION TO THE TAX ELECTED FUNDS REGIME

Information about possible breaches of the TEF conditions

Information to be provided to officers of Revenue and Customs69Z69

1

This regulation applies if an officer of Revenue and Customs thinks that a Tax Elected Fund—

a

does not meet, or may not meet, one of the TEF conditions, or

b

has not rectified a breach of such a condition.

2

The officer may serve a notice (an “information notice”) on the manager of the fund requiring the manager to provide any of the information specified in regulation 69Z65(2) within a specified period.

4

If the manager does not comply with the information notice within the specified period the Commissioners must give a termination notice.

5

In this regulation the specified period is a period of 28 days beginning with the day on which the notice is served or, on an application by the manager, such longer period as the officer of Revenue and Customs thinks is reasonable.