IFM41300 | Administrative requirements: non-deliberate breach of ownership condition: cure not requested

FA22/SCH2/PARAS 26 and 29

If the ownership condition is unintentionally breached but the QAHC decides not to enter a cure period, the company will leave the QAHC regime on the date of the breach.

The company should submit a ‘breach and exit’ notification (PARA 26) to HMRC as soon as reasonably practicable after becoming aware of the breach.

Example

A QAHC breaches the ownership condition on 1 June and became aware of the breach on 13 June. The date of exit of the QAHC regime is 1 June, the date on which the breach occurred, not the date on which the QAHC became aware of the breach.