Breach of ownership requirement: opportunity to rectify etc
- Notify HMRC and participants of RIF ownership breach outcomes Operator
UK Statutory Instrument
2025
United Kingdom
The Co-ownership Contractual Schemes (Tax) Regulations 2025
At a glance
What's here
7 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Operator 7
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Operators also bound by 730 other Acts (top 5 shown)
- Regulation (EU) No 965/2012 (Air Operations) 2012 138 duties
- Commission Implementing Regulation (EU) 2018/2066 of 19 December 2018 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council and amending Commission Regulation (EU) No 601/2012 (Text with EEA relevance) 2018 121 duties
- Commission Regulation (EU) No 601/2012 of 21 June 2012 on the monitoring and reporting of greenhouse gas emissions pursuant to Directive 2003/87/EC of the European Parliament and of the Council (Text with EEA relevance) (repealed) 2012 112 duties
- Space Industry Regulations 2021 2021 75 duties
- Regulation (EU) 2016/429 of the European Parliament and of the Council of 9 March 2016 on transmissible animal diseases and amending and repealing certain acts in the area of animal health (‘Animal Health Law’) (Text with EEA relevance) 2016 66 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Breach of restriction requirement: opportunity to rectify etc
- Notify HMRC or participants following a breach of the restriction requirement Operator
Winding up of a RIF that is UK property rich
- Notify participants of deemed disposal of units within 30 days Operator
Breach of qualifying conditions: requirement to notify HMRC
- Notify HMRC if your RIF breaches qualifying conditions Operator
Information to be provided to HMRC
- Report RIF participant and tax information to HMRC by the reporting date Operator
Umbrella schemes: additional notification requirements
- Notify HMRC of sub-scheme wind-ups or new establishments within 30 days Operator
Investments in reporting offshore funds
- Estimate and adjust excess income from reporting offshore funds Operator
Browse 56 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation: Part 2
Timing: becoming a RIF
Entry notices: general
Qualifying conditions
A UK-based scheme
Genuine diversity of ownership condition
Non-close condition
Ownership requirement treated as met for initial period
Restriction requirement
Non-UK property assets condition
UK property rich condition
UK property rich condition treated as met for initial period
Exempt investor condition
Change in restriction conditions met
Multiple breaches of ownership requirement within 12 month period
Causes and timing
Exit notices
Relevant declarations in entry notice
Cessation notice
Ceasing to be a RIF: deemed disposal of units
Gains accruing on deemed disposals
Interpretation of this Chapter
Land transaction upon unauthorised contractual scheme becoming a RIF
Application of Part 4 of FA 2003 to a RIF that ceases to be a RIF and becomes an eligible co-ownership scheme
Land transaction upon RIF or eligible co-ownership scheme becoming unauthorised contractual scheme
Withdrawal of seeding relief: application to postpone payment of tax where appeal against relevant decisions
Determination of application under regulation 31 and referral to tribunal
Beginning and end of accounting period
Preparation of accounts
Information to be provided to participants
Information to be provided to other RIF or authorised co-ownership scheme
Further information to be provided to HMRC
Further provision about notices, information and applications
Penalties for failure to give information or notice
Umbrella schemes: general
Umbrella schemes: restriction requirement
Umbrella schemes: becoming a Reserved Investor Fund (Contractual Scheme)
Umbrella schemes: ceasing to be a Reserved Investor Fund (Contractual Scheme)
Interpretation: Chapter 12
Investments in non-reporting offshore funds: first case
Investments in non-reporting offshore funds: second case
Stamp duty reserve tax: exceptions
Stamp duty: exemptions
Collective investment schemes
Property rich collective investment vehicles
Exemptions for disposals by companies with substantial shareholding
Plant and machinery allowances
Structures and building allowances
Stamp duty land tax: contractual schemes
Stamp duty land tax: seeding relief
Seeding relief: amendments to Schedule 7A
Personal portfolio bonds: the property categories
Real Estate Investment Trusts
Amendment of The Co-ownership Authorised Contractual Schemes (Tax) Regulations 2017
Application to authorised co-ownership schemes
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