IFM08230 - Co-ownership Authorised Contractual Schemes (CoACS): Information requirements: Providing information to HMRC

What information must be provided?

Under regulation 6 of SI 2017/1209, the operator of a CoACS must provide the following information to HMRC for each period of account of the CoACS:

• The names and addresses of all investors in the scheme.
• The number and classes of units in the scheme held by the investor at the end of the period.
• The amount of income shown in the accounts per unit for each class.

When information must be provided to HMRC

The operator must provide the required information to investors by the “information reporting date”, which is the date six months after the end of the period of account of the CoACS – see regulation 3 of SI 2017/1209.

Further Information to be provided to HMRC

If HMRC requires more information from the operator of a CoACS, regulation 7 of SI2017/1209 enables HMRC to require the operator of a CoACS to disclose any other information which has been provided to the investors.

HMRC can ask for information relating to periods of account which have ended within 5 years of the notice for information being given. The operator of a CoACS would have a minimum of 42 days to respond to HMRC before consideration of any penalties.

If HMRC needs to obtain further information from the operator of a CoACS, it will contact the operator in the first instance to explain what information is required and agree a suitable timescale for its production. HMRC will only use the formal power to require the operator of a CoACS to provide information if the initial approach is unsuccessful.

Process for providing information to HMRC

This information should be provided in any reasonable format to HMRC’s Collective Investment Schemes Centre.