IFM12724 | Offshore Funds: Reporting funds: breaches of reporting fund conditions: types of breaches: cases where information is not provided

Regulation 112 of SI 2009/3001

If a reporting fund does not provide the information specified in regulation 106(1) (see IFM12632) to HMRC for a period of account and a report to all its UK investors (regulations 90 & 92 - see IFM12600 onwards) for each reporting period comprised in that period of account, by the day following the expiry of a period of six months beginning immediately after the end of the period of account (referred to as the ‘relevant date’ in regulation 112), there may be a breach of the regulations, as explained below.

Information provided within four months of the relevant date

If the reporting fund provides the information within a period of four months beginning on the relevant date, then no breach of the regulations will be considered to arise.

Information provided within twelve months of the relevant date

If the reporting fund does not provide the information within a period of four months beginning on the relevant date but does provide the information within a period of twelve months beginning on the relevant date, a minor breach arises.

Information not provided within twelve months of the relevant date

If the reporting fund does not provide the information within a period of twelve months beginning on the relevant date, there is a serious breach.

(See IFM12730 onwards - consequences of breaches).