Regulation 40 The qualifying circumstances condition
(1)
The qualifying circumstances condition is met in all circumstances except those circumstances in which condition A or B applies.
(2)
Condition A applies if section 629 of ITTOIA 2005 (income paid to unmarried minor children of settlor) applies to the payment.
(3)
Condition B applies if the holding to which the qualifying certificate relates is specified in a notice which—
(a)
has been issued under regulation 39(6), and
(b)
has not been cancelled.