IFM41315 | Administrative requirements: non-deliberate breach of ownership condition: breach cured

FA22/SCH2/PARAS 26 and 27(4)

If a company cures its previous breach of the ownership condition within its cure period, the breach is treated as if it had not occurred, and the company will remain a QAHC.

The QAHC is not required to notify HMRC that it has cured its breach; it will remain a QAHC throughout (subject to the 50 percent relevant interest threshold referred to at IFM41310 not being exceeded) and submit the required QAHC information return at the end of its accounting period as if no breach had taken place. HMRC may contact a QAHC during a cure period to check the validity of the cure status.

The company must make a ‘breach and cure’ notification as soon as reasonably practicable after becoming aware of a breach if it wishes to cure that breach.