IFM41330 | Administrative requirements: deliberate breach of ownership condition

FA22/SCH2/PARA29

Where a QAHC deliberately breaches the ownership condition, a cure is not possible and therefore the company will exit the QAHC regime on the date the breach occurred, even if the QAHC only discovered the breach at a later date.

The company must submit to HMRC a ‘breach and exit’ notification as soon as reasonably practicable.

The wind down provisions referred to above may apply to a deliberate breach of the ownership conditions, depending on the nature of the breach (see PARA 28(1)).