IFM04510 - AIFs: Property authorised investment funds (PAIFs): breaches of conditions: introduction
General
Chapter 2 of Part 4A, SI 2006/964 sets out the conditions that must be met in order for an open-ended investment company to remain within the PAIF regime. »Ê¹ÚÌåÓýapp conditions themselves are explained earlier in this guidance at IFM04100 onwards. »Ê¹ÚÌåÓýapp pages at IFM04520 to IFM04550 explain how breaches of those conditions are treated. IFM04570 sets out what action must be taken by both the open-ended investment company and/or HMRC in such circumstances.
Multiple breaches of separate conditions (regulation 69Z8 SI 2006/964)
In addition to the consequences of single or multiple breaches of specific conditions, there are also consequences when the PAIF breaches more than one separate condition - see IFM04560.
Information requirements
When the manager of the PAIF becomes aware that there is a breach of any of the conditions of the regime it must provide information to HMRC � see IFM04570.