# The Investment Trust (Approved Company) (Tax) Regulations 2011, Regulation 27: Multiple breaches


(1) Subject to the following provisions of this Chapter, if an investment trust is in breach of a requirement imposed by these Regulations, and the breach is a minor breach, it continues to be treated as approved as an investment trust.
(2) If paragraph (1) applies—
(a) on three separate occasions in a period of ten years beginning with the first day of the accounting period in which the first breach occurs, and
(b) in relation to the same requirement,
the third breach is a serious breach.
(3) If paragraph (1) applies—
(a) on four separate occasions in a period of ten years beginning with the first day of the accounting period in which the first breach occurs, and
(b) in relation to more than one of the requirements,
the fourth breach is a serious breach.
(4) If a single event results in more than one minor breach within a single accounting period there is only one minor breach in that period in relation to that event for the purposes of this Chapter.

---
Source: https://www.legislation.gov.uk/ukdsi/2011/9780111516683/regulation/27 (the official version)
Page: https://openlegislation.uk/draft-investment-trust-approved-company-tax-regulations-2011/regulation-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.