Regulation 115 Appeal against exclusion from the reporting fund regime
(1)
If HMRC give notice to a fund under regulation 114(3) (an “exclusion notice”), the fund may appeal.
(2)
The notice of appeal must be given to HMRC within a period of 42 days beginning with the day on which the exclusion notice is given.
(3)
On an appeal, the tribunal may uphold or quash the exclusion notice.