{
  "url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-40",
  "json_url": "https://openlegislation.uk/co-ownership-contractual-schemes-tax-regulations-2025/regulation-40.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/40",
  "kind": "regulation",
  "number": "40",
  "heading": "Penalties for failure to give information or notice",
  "text": "(1) The operator of a RIF who fails, without reasonable excuse, to ensure that the accounts of the RIF are prepared in accordance with regulation 34 is liable to a penalty not exceeding £3,000.\n(2) The operator of a RIF who fails, without reasonable excuse, to comply with a requirement to give information under regulation 35, 36 or 37 is liable to a penalty of £100 in respect of each failure.\n(3) But in respect of multiple failures in connection with the same accounting period, the total amount of penalties imposed on an operator under paragraph (2) must not exceed £1,000.\n(4) The operator of a RIF who fails, without reasonable excuse, to comply with a requirement to give information under regulation 38 is liable to a penalty not exceeding £3,000.\n(5) The operator of a RIF who fails, without reasonable excuse, to comply with a requirement to give a notice under this Part is liable to a penalty not exceeding £3,000.",
  "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/40",
    "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."
}