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Chapter IFM04610

Document Cited authorities 1 Cited in Related
Vincent
Published date05 July 2019
Record NumberIFM04610
CourtHM Revenue & Customs
IssuerHM Revenue & Customs
Termination notice given by the PAIF (regulation 69Z36 SI 2006/964)

Where the manager of a PAIF wishes the fund to leave the regime, the manager of PAIF 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 IFM04620 for 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 (IFM04510 onwards), HMRC will, in certain circumstances, issue a termination notice to the manager of the PAIF.

The effect of giving the notice will be that the PAIF 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 occurred (or the last event occurred 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 PAIF ceases to be:

  • authorised by the Financial Conduct Authority (FCA);
  • 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 PAIF 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...

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