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IFM09770 | Administrative requirements: Penalties - Introduction

From HM Revenue & Customs · Investment Funds Manual

Regulation 40 sets out the penalty provisions that apply where:

  • the RIF operator fails to provide the information by the information reporting date (IFM09775)

  • the RIF operator fails to prepare accounts in the prescribed manner(IFM09780)

  • HMRC has given a formal notice that further information is required, and the RIF operator fails to provide that information to HMRC (IFM09785)

  • the RIF operator fails to comply with a requirement to give a notice under these regulations (IFM09790)

Penalties will be determined in accordance with section 100 of the Taxes Management Act 1970, and are subject to the usual review and appeal processes for penalties made under that section. HMRC guidance is contained in the Enquiry Manual from EM4500 onwards.