IFM04560 - AIFs: Property authorised investment funds (PAIFs): breaches of conditions: multiple breaches of separate condition

Under regulation 69Z8 SI 2006/964, in addition to the consequences relating to breaches of particular conditions of entry into the PAIF regime, there may also be consequences of multiple breaches of different conditions.

»Ê¹ÚÌåÓýapp rules relating to multiple breaches work as follows:

  • where there has been a breach of at least two different conditions of entry (as set out in regulations 69E to 69N SI 2006/964); and
  • there have been five such breaches in a period of ten years (beginning with the first day of the accounting period in which the first breach occurs), then

HMRC will issue a termination notice to the manager of the PAIF.