{
  "url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-16",
  "json_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-16.json",
  "legislation": "uksi/2025/200",
  "legislation_title": "The Co-ownership Contractual Schemes (Tax) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025",
  "path": "regulation/16",
  "kind": "regulation",
  "number": "16",
  "heading": "Breach of ownership requirement: opportunity to rectify etc",
  "text": "(1) Where a RIF breaches the ownership requirement it will be treated for the purposes of these Regulations as if it continued to meet that requirement until the earlier of—\n(a) the end of a period of 9 months (“the 9 month period”), beginning with the day on which the breach occurred, or\n(b) the beginning of the day on which it becomes apparent to the operator of the RIF that there is no reasonable expectation of the RIF rectifying the breach by the end of the 9 month period.\n(2) Where paragraph (1)(b) applies, the operator of the RIF must notify HMRC of that fact within the period of 30 days, beginning with the day on which that paragraph applies.\n(3) Paragraph (4) applies where the breach is rectified—\n(a) before the end of the 9 month period, but\n(b) more than 30 days after the date on which the breach occurred.\n(4) Where this paragraph applies, each participant in the RIF is deemed for the purposes of TCGA 1992 to, immediately before the time of the breach, have—\n(a) sold their units in the RIF, and\n(b) reacquired those units,\nat their market value at that time.\n(5) The operator of the RIF must notify each participant in the RIF of any deemed disposal of the participant’s units in the RIF under paragraph (4) within the period of 30 days, beginning with the day the breach was rectified.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2025/200/regulation/16",
    "retrieved_at": "2026-10-28T21:20:08.412857+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}