IFM41330 - Administrative requirements: deliberate breach of ownership condition
FA22/SCH2/PARA29
Where a QAHC deliberately breaches the ownership condition, a cure is not possible and therefore the company will exit the QAHC regime on the date the breach occurred, even if the QAHC only discovered the breach at a later date.
The company must submit to HMRC a ‘breach and exit’ notification as soon as reasonably practicable.
The wind down provisions referred to above may apply to a deliberate breach of the ownership conditions, depending on the nature of the breach (see PARA 28(1)).