Regulation 38 Further information to be provided to HMRC
An officer of HMRC may by notice require the operator of a RIF to provide HMRC with—
any information that the operator provided to the participants in the RIF at any time within 5 years prior to the notice being given;
any information or documents the operator holds, or can obtain, that HMRC reasonably requires for the purposes of determining whether the RIF has met, or continues to meet, the qualifying conditions.
The notice must specify that the information be provided within such period as the officer of HMRC considers reasonable, which must not be less than the period of 42 days beginning with the date on which the notice was issued.
An officer of HMRC may by notice extend the period where the officer considers it is reasonable to do so.
Where a notice under paragraph (1)(b) requests information or documents that relate only to an accounting period in respect of which information has been required to be reported to HMRC under regulation 37(1), the notice must be given to the operator of the RIF within a period of 12 months beginning with the information reporting date for that accounting period.
The operator of the RIF may bring an appeal against—
the requirement for information or documents specified in a notice under paragraph (1)(b);
the amount of time given to provide the information in accordance with paragraph (2).
The appeal must be made by notice given to HMRC within the period of 30 days beginning with the date on which the notice under paragraph (1) was issued.
Where a notice is given to HMRC, the RIF is to be treated as if the notice under paragraph (1) had not been given until the appeal is determined or withdrawn.
On an appeal that is notified to the tribunal, the tribunal must determine, as appropriate—
whether it was just and reasonable for the officer of HMRC to require information under paragraph (1)(b);
whether the amount of time given to provide the information under paragraph (2) was just and reasonable.
The tribunal may vary, affirm or cancel the notice.