IFM06550 - Tax elected funds (TEFs): breaches of conditions: multiple breaches of separate conditions

Under regulation 69Z68 of SI2006/964, in addition to the consequences relating to breaches of particular conditions of the TEF 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; and
  • where there have been four such breaches in a period of ten years (beginning with the first day of the accounting period in which the first breach occurs),

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