Regulation 69Z68 Multiple breaches of separate conditionsF1
The Commissioners must give a termination notice to a Tax Elected Fund if—
(a)
there has been a breach of at least two of the TEF conditions, and
(b)
there have been four breaches in a period of ten years beginning with the first day of the accounting period in which the first breach occurs.
Annotations
Textual amendments
- F1
Pt. 4B inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 24