IFM04560 - AIFs: Property authorised investment funds (PAIFs): breaches of conditions: multiple breaches of separate condition

Under regulation 69Z8 SI 2006/964, in addition to the consequences relating to breaches of particular conditions of entry into the PAIF regime, there may also be consequences of multiple breaches of different conditions.

The rules relating to multiple breaches work as follows:

• where there has been a breach of at least two different conditions of entry (as set out in regulations 69E to 69N SI 2006/964); and
• there have been five such breaches in a period of ten years (beginning with the first day of the accounting period in which the first breach occurs), then

HMRC will issue a termination notice to the manager of the PAIF.