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Chapter CTM48881

Document Cited authorities 1 Cited in Related
Vincent
Published date16 April 2016
Record NumberCTM48881
Termination notice issued by the Property AIF (regulation 69Z36 SI 2006/964)Where the manager of a Property AIF wishes the fund to leave the regime, the manager of Property AIF must give a notice specifying the final day on which the regulations are to apply to it. The notice must be given in writing to HMRC, and the date specified must be after the date on which HMRC receive the notice. See

CTM48882for the effect of such a notice.

Termination notice issued by HMRC (regulation 69Z37 SI 2006/964)As set out under the previous chapter relating to breaches of conditions (

CTM48871onwards), HMRC will, in certain circumstances, issue a termination notice to the manager of the Property AIF.

The effect of giving the notice will be that the Property AIF will be taken to have ceased to be within the regime at the end of the accounting period, before the accounting period during which the event occurs (or the last event occurs if the notice is a result of multiple breaches of conditions) which caused the notice to be given.

Other reasons for exclusion from the regime (regulation 69Z39 and 69Z40 SI 2006/964)Under these regulations, where a Property AIF ceases to be:
  • authorised by the Financial Services Authority (FSA),
  • an open-ended investment company or
  • ceases to carry on a property investment business it will cease to be within the regime at the time at when any of the above events occur.

Under regulation 69Z40 SI 2006/964, where a Property AIF is party to a merger or takeover and as a result fails to meet one or more of the conditions of entry to the regime then its accounting period will end on the date of the merger or takeover, and the company will cease to be within the regime from that time.

See CTM48882 for the effects of leaving the regime.

Appeal against termination notice (regulation 69Z38 SI 2006/964)The manager of an open-ended investment company that receives...

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