{
  "url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-18",
  "json_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-18.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/18",
  "kind": "regulation",
  "number": "18",
  "heading": "Breach of restriction requirement: opportunity to rectify etc",
  "text": "(1) This regulation applies where—\n(a) a RIF breaches the restriction requirement, and\n(b) regulation 19 does not apply.\n(2) The RIF will be treated for the purposes of these Regulations as if it continued to meet the restriction 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(3) Where paragraph (2)(b) applies, the operator of the RIF must notify HMRC of that fact within a period of 30 days, beginning with the day on which it applies.\n(4) Where the RIF rectifies the breach by the end of the 9 month period, 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 on which the breach was rectified.\n(6) Where the breach of the restriction requirement is by virtue of the RIF ceasing to meet the exempt investor condition and the operator of the RIF has taken reasonable steps to monitor compliance with that condition, this regulation applies as if “the 9 month period” meant the period of 9 months beginning with the day on which the operator of the RIF first became aware of the breach.",
  "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/18",
    "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."
}