IFM04510 - AIFs: Property authorised investment funds (PAIFs): breaches of conditions: introduction

General

Chapter 2 of Part 4A, SI 2006/964 sets out the conditions that must be met in order for an open-ended investment company to remain within the PAIF regime. The conditions themselves are explained earlier in this guidance at IFM04100 onwards. The pages at IFM04520 to IFM04550 explain how breaches of those conditions are treated. IFM04570 sets out what action must be taken by both the open-ended investment company and/or HMRC in such circumstances.

Multiple breaches of separate conditions (regulation 69Z8 SI 2006/964)

In addition to the consequences of single or multiple breaches of specific conditions, there are also consequences when the PAIF breaches more than one separate condition - see IFM04560.

Information requirements

When the manager of the PAIF becomes aware that there is a breach of any of the conditions of the regime it must provide information to HMRC – see IFM04570.